December 15, 2020
You know the stock market has gone bonkers when even CEOs are baffled by their companies’ soaring share prices.
First it was Tesla founder Elon Musk, who said in May that the electric carmaker’s stock was overvalued. (Tesla shares have rocketed more than 300% since then.) Airbnb’s chief exec Brian Chesky was speechless last week when Bloomberg Television informed him that the property-sharing firm’s stock had doubled in price in its first day of public trading. DoorDash chief Tony Xu, whose food delivery company’s shares jumped 85% in their debut, told The Information that management had priced the shares carefully, but “everyone is entitled to their own opinion.”