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Another great podcast, featuring #wirecard prominently yet again!
About 36:00 in, TC asks how overpaying for acquisitions helps perpetuate the fraud.
In addition to @DonutShorts insights, I share what I learned from the hardcore $WDIQ accounts:
#RoundTripping
1/n https://twitter.com/TESLAcharts/status/1287478462417174530
About 36:00 in, TC asks how overpaying for acquisitions helps perpetuate the fraud.
In addition to @DonutShorts insights, I share what I learned from the hardcore $WDIQ accounts:
#RoundTripping
1/n https://twitter.com/TESLAcharts/status/1287478462417174530
In 2015 $WDI paid 326 M€ to a controlled intermediary for an asset that $WDI could have purchased directly for 37 M€.
That intermediary then *invests* part of its gains directly and indirectly in that same asset and perhaps also other $WDI assets.
That intermediary then *invests* part of its gains directly and indirectly in that same asset and perhaps also other $WDI assets.
Basically $WDI shareholder money gets converted ("laundered") into EBITDA that gets consolidated, with an efficiency ratio of say 50%.
If $WDI was trading at 25x EBITDA at the time then 290M€ of asset-flipping profit translates into market cap of 3.6bn€!
If $WDI was trading at 25x EBITDA at the time then 290M€ of asset-flipping profit translates into market cap of 3.6bn€!
The company does not profit from that. But the main shareholder Markus Braun does!
Notice the obvious analogy with $TSLA and @elonmusk :
FSD revenue recognition has close to 100% EBITDA, and $TSLA trades at about 50 x EBITDA.
48M$ of FSD or ca. 2.5bn$ market cap!
Notice the obvious analogy with $TSLA and @elonmusk :
FSD revenue recognition has close to 100% EBITDA, and $TSLA trades at about 50 x EBITDA.48M$ of FSD or ca. 2.5bn$ market cap!
Which helps @Elonmusk directly via shareholder and as sole beneficiary of bonus payments related to market cap.
So many things Markus Braun could have learned from @Elonmusk, to hold out couple of months longer...
#TeslaFraudIsBiggerThanWirecardFraud
So many things Markus Braun could have learned from @Elonmusk, to hold out couple of months longer...
#TeslaFraudIsBiggerThanWirecardFraud
Remember the $TSLA acquisition of the truck-transport company. They clearly did not do that for the trucks! Was there some round-tripping involved?
The Maxwell acquisition may have resulted in a bit of round-tripping, perhaps at lower "efficiency ratio".
The Maxwell acquisition may have resulted in a bit of round-tripping, perhaps at lower "efficiency ratio".
