They are and were aiming to be included in S&P and Nasdaq indexes, thank god they are considered junk debt.
Even outside of that their 800 billion, and I assume OpenAI's equally shitty compute contracts pollute the MAG7 revenue lines.
How much does it represent the MAG7 revenue books? How much is their shitty stock deal counted towards the above assets?
When that money fails to materialize, again john taxpayer will be looking to bail out whilst the scum run away having cashed out ASAP.
Fuck all the people involved.
Shareholders in PBC have no sway. Look up drakes landing v. tilden park from earlier this year. A PBC was in financial trouble and two specific lenders proposed a solution: financing and debt conversion that would increase their combined ownership from roughly 25% to 85%, heavily diluting all other shareholders. An independent special committee of the PBC approved it.
Shareholders holding more than half the stock had requested a vote against this, but none occurred. They were told that the mission of the PBC came first.
It’s an absolutely crazy financial loophole. Basically, if you found your company under these PBC rules (which have only existed for like a decade), you can avoid any accountability to shareholders and do whatever the fuck you want. It’s a total subversion of property law.
When they’re unable to meet their… *checks notes*, $895,400,000,000.00 in commitments, what do you think will happen to the people that bought at IPO prices?
My advice: spend some time creating a long-term financial family planning document, review it with other competent people, and stick to it! Regardless of market up/down events, your plan stays in place. It has worked extremely well for me over the past 40 years (including all sorts of "crashes" that stabilized over time).
It is not for the benefit of society, it is not good engineering, it is pure financial fuckery. ENRON smartest guys in the room esque.
Am encouraging everyone I know to dump US bonds, US stocks because to hell with these hucksters trying to steal my pension.