The largest IPO in history may also have been "the largest exit liquidity operation in history," hedge fund manager and former Peter Lynch assistant George Noble said in a recent newsletter.
Here’s why Noble thinks the SpaceX (NASDAQ:SPCX) IPO was a historic misallocation of capital that was "built to separate retail investors from their money." SpaceX Bear Stays Bearish Noble has described himself as one of the biggest bears on the SpaceX IPO.
Weeks after the company’s public debut, he remains firmly bearish.
"SpaceX went public at more than 90x revenue, and the insiders who bought in at a fraction of today’s price are about to start selling their shares to you," he wrote in a recent Substack post.
Noble highlights the fact that SpaceX has never turned a profit in its history and lost around $5 billion last year.
