Nobel Laureate Krugman Attacks Musk as 'Ponzi Scheme', Warns SpaceX IPO Forced Onto Passive Fund Holders

According to Nobel Prize-winning economist Paul Krugman in a recent Substack article, he characterized billionaire Elon Musk as a "human Ponzi scheme" driven by investor faith in a "genius myth" rather than real business fundamentals. Krugman pointed to SpaceX's valuation of $1.77 trillion on Nasdaq despite only $18.7 billion in annual revenue and ongoing losses. He warned that SpaceX's rapid inclusion in major indices like the Nasdaq-100 forced passive fund managers to purchase shares, pushing millions of American retail investors into the position unknowingly, as over 52% of U.S. mutual fund assets track indices.
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