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It seems many folks mistakenly believe that "market cap" represents how much money went into something, or how much value something has. For an illiquid asset that involves insider trading, "market cap" is an entirely made-up number.
If you make 1,000 units of something and self-purchase one of them for $1,000, your asset has a $1,000,000 "market cap". Awesome. In general, very small money movements can dramatically increase or decrease something's market cap.
If an asset has a $1B market cap, it doesn't need $500M worth of capital exiting the asset in order to crash by 50%. That could potentially happen with under $1M of outflow. And conversely on the way up: a $1B market cap doesn't mean people have spent $1B purchasing the asset.
Even when it’s entirely legitimate trading, the “price per share” is very different between the tranche being traded at the moment and the last shares held unavailable for trading. Thus multiplying share $ by # of shares outstanding is just one way to estimate & compare value.
Some of those folks work in Washington. https://www.msn.com/en-us/news/politics/biden-backs-tax-on-billionaires-unrealized-investment-gains/ar-AAONem7 …
Fun fact: if you would literally try sell the rest of your 999 units, it would crash your "market cap" ie it exists as long as you hold it
Very true. Must be considered in the context of earnings
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