It was all for show anyway. He got to be the first trillionaire, and his friends got to sell at the high while leaving pension managers and rubes holding the bag. Hell he probably sold a good bit himself to reinvest in some other scheme. It was a pump and dump scam facilitated by the market.
But you can actually do that, it’s how the collectible market and other worthless trash like NFTs inflate value.
Someone buying at the inflated value makes others think it’s actually worth that and might convince them to buy as well. The “sale” is part of the con, as the conman passes money from his right hand to his left and calls it demand.
It was all for show anyway. He got to be the first trillionaire, and his friends got to sell at the high while leaving pension managers and rubes holding the bag. Hell he probably sold a good bit himself to reinvest in some other scheme. It was a pump and dump scam facilitated by the market.
I agree with the gist, and I’m probably dumb but how would he both sell high and sell to himself?
Not “to himself” sold a bit himself.
But you can actually do that, it’s how the collectible market and other worthless trash like NFTs inflate value.
Someone buying at the inflated value makes others think it’s actually worth that and might convince them to buy as well. The “sale” is part of the con, as the conman passes money from his right hand to his left and calls it demand.