Economy · first published 2026-06-21
SpaceX, Elon Musk and envy | Sami Miettinen on Puheenaihe 676
Sami Miettinen as a guest on Rami Kurimo's Puheenaihe, in the week SpaceX listed and Elon Musk became the first trillionaire. The sharper half is financial: a hundred times revenue tells you nothing about when the price comes down, because the multiple prices optionality — Musk's companies read as a stack of long-dated options, many unexercised and several created out of nothing. The second half is about Finland: imported Marxist class hatred repurposed as identity politics, a country that fails to appreciate even its own successes, and the danger of a subsidiary economy.
SpaceX, Elon Musk and envy | Sami Miettinen on Puheenaihe 676
Summary: Sami Miettinen as a guest on Rami Kurimo’s Puheenaihe, in the week SpaceX listed and Elon Musk became the first trillionaire. The sharper half is financial: a hundred times revenue tells you nothing about when the price comes down, because the multiple prices optionality — Musk’s companies read as a stack of long-dated options, many unexercised and several created out of nothing. The second half is about Finland: imported Marxist class hatred repurposed as identity politics, a country that fails to appreciate even its own successes, and the danger of a subsidiary economy.
Key Themes
- SpaceX lists and the first trillionaire: Discussed from 00:00 onward.
- The offering: $80bn raised, lock-ups and a $2,500bn valuation: Discussed from 01:40 onward.
- Musk as a creator of long-dated options, not always an exerciser: Discussed from 08:56 onward.
- “Bubble”: a hundred times revenue against 1.8 times: Discussed from 16:46 onward.
- The market can stay irrational longer than you can stay liquid: Discussed from 22:54 onward.
- Portfolio weighting and why cash is a losing game: Discussed from 28:16 onward.
- The left and a rich man: imported class hatred: Discussed from 36:26 onward.
- Envy and what it costs a country: Discussed from 37:58 onward.
- Identity: Finland fails to appreciate even its own successes: Discussed from 41:28 onward.
- Brand loyalty and using X because it is not Twitter: Discussed from 43:41 onward.
- Billionaires: neutral in themselves, an asset when committed to the place: Discussed from 46:33 onward.
- Risk-taking: private capital against state investment: Discussed from 54:14 onward.
- Wealth, money as a unit of account and inheritance tax on unlisted shares: Discussed from 57:16 onward.
- Decision power: 40% ownership, the Twitter layoffs and the cult inside the firms: Discussed from 1:05:41 onward.
- Critics: pure-play pressure would have killed Tesla: Discussed from 1:11:40 onward.
- “Tech bro”: the patriarchy framing and the two criticisms that land: Discussed from 1:13:13 onward.