I think the bigger issue is that oligarchs have gotten so powerful that they can just write down the valuation they want and the market will just agree with it blindly.

The issue isn’t that investors will lose their money, the issue is that in some cases like Tesla they never do. The oligarchs are propped up by their own power over the behavior or the market — a power which is disproportionally larger than the objective value their companies bring to the economy.

SpaceX is a company with the same revenue as Dick’s Sporting Goods.