A company's market cap is a fiction: the price at which a small fraction of the shares was recently sold, extrapolated to the whole. But the whole company would never sell for that price. (E.g., if Elon tried to sell his stake in Tesla today, the stock would plummet.)
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Your claim is that market cap is a fiction. I guess I agree, although the fiction can be too low or too high, not only too high.
The fiction is that there is such a thing as the market cap of a company.
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Is a the measurement of a thing a fiction just because its measurement is different when conditions change?
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Maybe it would be more precise (but less expressive!) to say the market price of an asset is not the only expression of its value.
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