Elon Musk’s business empire is becoming increasingly intertwined — and if SpaceX eventually goes public, Wall Street will likely take a much harder look at how money moves across his companies.
A newly disclosed filing shows Tesla booked more than $570 million last year from transactions with Musk-controlled companies, according to Insider. That included roughly $430 million from selling Megapack battery systems to xAI and another $143 million — primarily vehicle sales — to SpaceX. Some of those purchases included Cybertrucks, which have reportedly become a significant part of SpaceX’s vehicle fleet.
The relationship goes both ways. Insider writes that Tesla also disclosed that it put $2 billion into SpaceX and xAI last year and paid the companies a combined $15 million+ for various commercial and consulting services.
Taken together, the filings offer a clearer picture of how frequently Musk’s companies now rely on one another. xAI has been absorbed into SpaceX, engineers from Tesla have previously worked on projects at X, Grok is being built into Tesla products, and Musk has publicly discussed future collaboration between Tesla and SpaceX on the Roadster.
Tesla also disclosed last week that Elon Musk’s total 2025 compensation was valued at roughly $158 billion, based on the maximum fair value of stock options tied to his newly approved pay package. The figure immediately caught Wall Street’s attention because of its sheer scale...it’s nearly 40 times Tesla’s annual net income and roughly 1.5 times the company’s total revenue for the year.
For investors already uneasy about the growing overlap between Musk’s companies, the compensation number adds another layer of concern around governance and capital allocation. Between massive cross-company transactions, shared talent across SpaceX, xAI, and X, and now an unprecedented pay package, analysts are likely to keep a much closer watch on how Musk’s empire operates — especially if SpaceX eventually becomes a public company too.
Tyler Durden Sun, 05/03/2026 - 22:10George Orwell's prognostications about the future of authoritarianism have proven consistently accurate. They have only been limited by his inability to foresee the creation of certain technologies which make the future look even more bleak. The reason his books, like 1984 and Animal Farm, are considered classics of literature is because they are timeless.
Their warnings and messages still apply today and will probably apply centuries from now.
Animal Farm, first published in 1945, is a tale specifically written as an allegory for the Bolshevik Revolution and the rise of Soviet Communism. Despite the characters being talking animals, the themes are dark and disturbing. It is a story about the naivety of the "underclass", the exploitation of the "have-nots" by communists seeking to use gullible people as weapons against their "imperialist" and capitalist enemies.
It is a grotesque tragedy composed like a children's novel, which makes it all the more effective. It destroys the notion of "equity" and exposes the truth: There is no such thing as a socialist Utopia, there can only ever be socialist dystopia. And to get it, leftists are happy to sacrifice you and everything you love. Not only that, but they expect you to applaud them for it.
The message is made iconic in the book's famous phrase: "All animals are equal, but some are more equal than others..."
This is the epitome of woke ideology and how progressives behave today. It's no surprise that Hollywood is incapable of telling this story properly. In order to do that, they would have to put their own warped beliefs under a microscope, and that's simply not going to happen.
The new animated adaptation of Animal Farm is being billed as a kid-friendly foray into concepts of "authoritarianism"; but it perverts Orwell's message about communism and demonizes capitalism instead.
Audiences across the board are not happy. The movie is distributed by Angel Studios, which bills itself as a Christian and conservative leaning company. However, the makers of the film (director Andy Serkis and The Imaginarium Studios) are entirely left wing. Given the people involved, Angel Studios should have know what kind of disaster they would have on their hands.
Andy Serkis is a former member of the Socialist Workers Party, a Troskyist Group in England in the 1990s. Though he is no longer involved, he still considers himself left wing, and his exit from political provocation was largely because of conflicts with his acting career. Enlisting a hardcore socialist to direct Animal Farm feels like a deliberate middle finger to conservatives who see the story as a cautionary battle cry against leftist movements.
The film was even released on May Day (International Workers Day), which is a communist holiday.
In developing the film as far back as 2013, Serkis (still riding the high of his successful role as "Gollum" in the Lord Of The Rings movies) admitted that he had no intention of sticking to the critique of communism. Rather, he believed that if Orwell wrote Animal Farm today, he would obviously compose a takedown of capitalism.
“First and foremost, we are not making a film about Communism and Stalinism because if Orwell was writing the story today, he would be talking about other relevant topics like globalisation and corporate greed...”
In other words, Andy Serkis, like most communists, wants to rewrite history in favor of his ideology.
This is exactly what he did in the new Angel Studios film. Many of the characters from the book are the same, and some of the plot points remain. The animals revolt against the farmers and seek to build their Utopia of fairness. But, the pigs (who represent the communist manipulators in the book) are not evil in the film. Rather, they are corrupted into doing bad things by a new character - Ruthless billionaire Frieda Pilkington and her corporation.
Frieda is the typical evil rich white person common in leftist mythology. Some critics have argued that the character looks strikingly similar to Elon Musk's mother, May Musk, and she even drives a vehicle that looks like a pink Cybertruck.
Rather than the pigs being conniving and malicious from the beginning, Frieda corrupts them into evil with the promise of riches. Her plan is to use the pigs as a means to get control of the farm. In the end, the animals realize their mistake and their solution is yet another communist revolution.
The message being, communism only goes wrong when evil capitalists influence the outcome. Collectivist ideology is inherently good. Leftists are not psychotic ideologues thirsting for power and control. They are just led astray sometimes.
There are numerous hatchet job films denigrating capitalism out of Hollywood. There are few if any that explore the nightmares of communism and left-wing collectivism. Orwell's Animal Farm is one of the few stories that captures the insidious nature of "equity" and suicidal empathy that permeate communist societies. It is about the tools that communists use to lead the population astray, not about capitalism leading communists astray.
Even worse is the marketing strategy of Angel Studios, which has tapped into the pockets of conservative and libertarian influencers (including Tucker Carlson) to sell the movie. It is likely that most of these influencers never watched the film before they promoted it, and if they did, it might be time to question their motives.
Critics and audiences alike have given Animal Farm a thunderous thumbs down. Angel Studios is the same company that put Sound Of Freedom in theaters; a movie which was relentlessly (and suspiciously) attacked by the political left for putting a spotlight on child trafficking and pedophile rings. It is unfortunate that they made placed this project in the hands of the same left wing community that tried to tear them down only a couple years ago.
Tyler Durden Sun, 05/03/2026 - 21:35Submitted by QTR's Fringe Finance
“This time it’s different” is supposed to be the dumbest phrase in investing.
It’s the phrase people use right before they get obliterated. It was the rallying cry of dot-com lunatics buying companies with no revenue in 1999. It was the intellectual foundation of housing perma-bulls in 2006 who believed home prices could only go up because, apparently, Americans had collectively decided real estate was immune mathematical reality.
It’s typically what people say when they’re trying to justify paying absurd prices for dogshit assets while pretending the laws of valuation have been permanently repealed: “this time it’s different”.
Which is why it’s deeply annoying and borderline humiliating for me to admit that this time, it actually may be different.
As someone who has spent years living in the world of fundamentals, valuation discipline, and the radical idea that cash flows should matter at least a little when valuing businesses, I hate where the evidence keeps leading me. I’ve spent years mocking the market as distorted.
Everyone in Austrian economics circles loves that word: distorted. Markets are distorted by central banks, distorted by artificially low interest rates, distorted by endless intervention. Distorted, distorted, distorted. Fine. But at some point, if a distortion lasts long enough, survives every crisis, and becomes embedded in how markets function, is it still a distortion? Or is it just the market now?
Look at this chart of the NASDAQ tripling off Covid lows just 5 years ago before you answer. An index. Tripling.
And in ten years, the index (read it again, index) is up 534%.
And now, back to the question: “if a distortion lasts long enough, survives every crisis, and becomes embedded in how markets function, is it still a distortion?”
That’s the uncomfortable question fundamental investors increasingly refuse to confront. We continue dragging out valuation charts that go back to 1900 as if they’re sacred scripture. We point to historical average P/E ratios and the Buffett Indicator and say things like “the market has always reverted.”
I’ve said such things on this blog for years.
But the market that existed in (throw a dart) 1952 has almost nothing in common with the one we have today. Back then there were no ETFs mechanically absorbing retirement contributions every two weeks regardless of valuation. There was no passive investing machine blindly funneling trillions into the largest companies simply because they’re already the largest companies. There were no options markets large enough to create absurd gamma-driven price movements detached from fundamentals. There were no retail armies weaponizing leverage from their phones while posting rocket ship emojis.
And there sure as hell was no widely accepted assumption that if markets fall hard enough (3%, give or take a percent?), the Federal Reserve will eventually arrive with fresh liquidity and soothing words about financial stability.
For fifteen years, investors have been trained like goddamn lab rats to expect intervention whenever things get ugly enough. In 2008, the financial system nearly collapsed and the response was unprecedented monetary intervention. In 2020, the world shut down and trillions appeared almost overnight. Every time markets experience genuine pain, policymakers magically “discover” yet another reason why extraordinary intervention is necessary.
The lab rats participating in this market have learned a very simple lesson: the adults will not tolerate prolonged asset deflation. They may talk tough about inflation. They may posture about financial discipline. But when enough things start breaking, they fold. They always fold.
Markets now operate with the deeply embedded belief that liquidity will always return when things get sufficiently bad. That belief alone changes behavior. It encourages risk-taking. It compresses risk premiums. It makes traditional valuation frameworks feel increasingly obsolete because those frameworks were built during periods when markets still had to fully purge excesses. Today, excesses are often interrupted, softened, or reflated before true cleansing can occur.
Meanwhile, people love pretending the stock market’s relentless rise is purely a reflection of corporate innovation and productivity gains. Some of it absolutely is. But a meaningful portion of what investors celebrate as “wealth creation” is simply the declining purchasing power of the currency in which those assets are priced. If you continually debase the measuring stick, asset prices are going to look fantastic. Stocks haven’t always become more valuable. Dollars have become less valuable.
If your denominator is quietly melting, your numerator tends to look heroic. It can even make the performance of an ex-bartender from Philadelphia writing a finance blog look great.
This forces an almost heretical conclusion I’ve been toying with for a year or two: maybe what we consider “expensive” is anchored to a market regime that no longer exists. Maybe 20x earnings is not expensive anymore because 20 years of future earnings are guaranteed in a way they weren’t 50 years ago. Maybe for dominant, cash-generating businesses, 20x is the new bargain bin. Maybe historical comparisons to decades that lacked passive flows, algorithmic trading, derivatives-fueled volatility, trillion-dollar buybacks, and perpetual monetary intervention are becoming less useful by the year.
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I can already hear the response. Shit like “this article really must mean the top is in” and “QTR has caved, we can crash now!” Look, of course valuation still matters. Gravity still exists too. But if central banks keep dropping trampolines underneath the market every time gravity starts doing its job, people should stop acting shocked when assets bounce higher than historical models suggest they should.
This doesn’t mean crashes disappear. Something will absolutely break eventually, and probably the moves lower will be sharper and faster, before they aren’t, because that’s what leveraged systems do. But each break seems to justify larger interventions, which creates even bigger distortions, which produce even larger asset bubbles, which eventually require even more intervention. It’s a magnificent ouroboros of financial engineering and moral hazard.
And that’s the truly infuriating part for people like me. I want old valuation frameworks to still work cleanly. I want patient fundamental analysis to feel like an advantage rather than a history hobby. I want “cheap” and “expensive” to retain actual meaning. But markets increasingly feel like they’re operating under a new regime where liquidity overwhelms nearly everything else over long enough time horizons.
“This time it’s different” remains a dangerous phrase because human beings are still perfectly capable of creating idiotic bubbles. But pretending this market functions like the one our grandparents invested in may be its own form of delusion.
If the Fed has effectively made permanent distortion the foundation of modern markets—and if it cannot stop until something truly catastrophic breaks—then maybe we need to admit the obvious: the market is no longer broken. It’s functioning exactly as designed: rigged.
But of course, now that I’ve penned and published this piece, a medieval-style return to the investing dark ages is probably right around the corner.
Now read:
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QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.
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Tyler Durden Sun, 05/03/2026 - 21:00