Morgan Creek Capital founder argues SpaceX’s 4 percent public float and Musk’s 46 percent stake create illiquid, cult-like investment dynamics.
Morgan Creek Capital founder Mark Yusko equated SpaceX to Dogecoin, citing a 4 percent public float and Elon Musk’s 46 percent ownership. Yusko argued the structure allows Musk to control price narratives while retail investors lack exit liquidity for insider sales.
At a $2 trillion valuation, Yusko dismissed comparisons to early Microsoft or Apple, calling the AI data center narrative technologically unfeasible. He noted SpaceX’s deeply negative free cash flow and unclear path to profitability despite its satellite business.
Yusko warned that insider selling could collapse the stock, mirroring his Dogecoin analogy where Musk’s potential sale would crater the cryptocurrency’s value.