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Re:Tesla Surges Above $500, Leaving Analyst Targets in the Dust by lottin on Monday January 13, 2020 @12:00PM (#22036200)
Book value = assets - liabilities

Market value = market capitalization

Bondholders have claims on part of the company's assets and these claims reduce the value of the company (that's the liabilities part of the equation).

Pensioners don't have any claims on anything except perhaps on their pension funds if they have one.

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