In what is the most hilarious episode of legacy finance I've seen in a long time, the West Taiwan government has scammed US investors hard.
In case you haven't been following the news, $DIDI is the West Taiwan version of Uber. In fact, they bought Uber's operations over there a few years ago.
They have (had?) a real business that was providing services to paying customers. And naturally they want to take advantage of the insanity that is going on in legacy markets awash in a flood of liquidity so they decided to IPO.
Queue hoards of stock degens...
Watch this video of ole favorite Jimmy Cramer saying to buy as much as you can:
So the company IPOs to much ado, and then West Taiwan decides to ban the app.
Now you might say that totalitarians are gonna do what totalitarians are gonna do. But remember, there is a key element to IPOs: insiders are selling to outsiders.
So $DIDI insiders get their "liquidity event" and cash out with American dollars, then the app gets banned and effectively the business is crushed.
What is it called when insiders sucker in outside money then shut everything down?
Oh right, rugpull.
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It is only illegal if it is not the government doing it.
When the government does it, then it is acceptable.
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The worst of realities
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And the sad part is, I still have the opinion the government needs to work FOR the citizens.
Sad right?
Oh wow, that is horrible. I am glad I missed that whole bandwagon! It definitely seems a bit suspicious! You know people were laughing all the way to the bank on that one.
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Damn Jimmy Cramer in the bin!
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Lulz, stealing this.
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I lol'd at West Taiwan
Hmmmm in the last time we see a lot of those things.