Several commentators said this was the plan all along. Before the IPO, many people speculated that the outrageously high valuation was designed so that current shareholders could sell of stock and make up for their losses in Twitter, etc. They predicted an early spike and a quick sell-off accompanied by a massive drop.
Where did that money come from? A lot of it came from public pensions (specifically index funds), which are required to hold a certain amount of all listed public stocks.
Makes me want to vomit. Fucking stealing from us all because the best we can hope to aspire to is a 401k and they just change the rules when it suits them, steal from us all, and because it was the general public defrauded they get a pat on the back and congratulations for “earning” more money, such good businessmen. Let’s elect more people to steal from us.
Literally every piece of news on the IPO was about how the valuation was way, way too high. Who the fuck didn’t see the drop coming?
I actually expect it to go higher than its earlier high, but then I would not be surprised to see it go much (much) lower than where it IPOed at.
This is funny to me, because I told my wife just before the IPO that one of the first things they would do would probably be to buy an AI company. Because XAI is shit and probably just about worthless. But with the IPO they would get the money to buy something.
But Cursor looks like a pretty week addition, just 1½ year ago cursor was bid up to $ 2.5 billion, up from a seed capital 2 years earlier of only $8 million!SpaceX paying $60 billion now seems insane, and it reeks of a bad deal, entering at just the wrong time.
https://en.wikipedia.org/wiki/Cursor_(company)
In April 2025, an AI help-desk program named “Sam” invented a non-existent login policy, triggering user cancellations before staff intervened and issued refunds.
So even within a relatively limited scope of operation, their AI manged to hallucinate so thoroughly it disrupted normal operation!!
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