{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Guten Morgen,","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"gemessen an den üblichen Kriterien einer Börsenplatzierung kann man den Börsengang von ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"SpaceX","nodeType":"text"},{"data":{},"marks":[],"value":" nur als großen Schwindel bezeichnen. Das Geschäftsmodell dieser Tech-Firma besteht vor allem darin, Aktien mit hohem visionären Gehalt zu verkaufen. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Damit entzieht sich die Firma von","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" Elon Musk","nodeType":"text"},{"data":{},"marks":[],"value":" allen normalen Parametern einer Firmenbewertung. Da, wo ein Gewinn stehen sollte, steht ein Nettoverlust von 4,9 Milliarden US-Dollar. Der Umsatz – 18,7 Milliarden US-Dollar in 2025 – ist gemessen am Ausgabepreis der Aktie nur eine mikroskopische Größe. Die Mitarbeiterzahl von über 20.000 lässt nicht die teuerste Börsenplatzierung der Menschheitsgeschichte erwarten, sondern den Auftritt eines Hidden Champions: ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Small but powerful. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"id":"7xy9zawfzsvSdw7AP03plu","type":"Entry","createdAt":"2026-06-09T19:20:54.231Z","updatedAt":"2026-06-09T19:20:54.231Z","publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"imageWithMeta"}},"locale":"de"},"fields":{"id":"SW1hZ2VXaXRoTWV0YS03eHk5emF3ZnpzdlNkdzdBUDAzcGx1X19fMzIzMjE3ZjY0M2MzZTNmMWZlNzUzMmU3MmFjMDFiYjA3NDhjOTdiZQ","url":"https://image-service.thepioneer.de/show/mj324dykhxwi/1zJ5ed2hiUg5Afhr9Rfz6r/45d23a65cfe95c021ebf873a50108d5a/imago855564880.jpg","preview":"","width":2200,"height":1467,"assetId":"1zJ5ed2hiUg5Afhr9Rfz6r","link":null,"copyright":"Imago","title":"SpaceX-Gründer Elon Musk in Los Angeles, Kalifornien, 13.04.2024","caption":"SpaceX-Gründer Elon Musk in Los Angeles, Kalifornien, 13.04.2024","alt":"SpaceX-Gründer Elon Musk in Los Angeles, Kalifornien, 13.04.2024","fileSize":648411,"contentType":"image/jpeg"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Beim geplanten Börsengang will ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"SpaceX","nodeType":"text"},{"data":{},"marks":[],"value":" bis zu ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"75 Milliarden US-Dollar ","nodeType":"text"},{"data":{},"marks":[],"value":"einsammeln und wäre dann mit ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"1,75 Billionen US-Dollar","nodeType":"text"},{"data":{},"marks":[],"value":" bewertet – dem ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"94-Fachen des Jahresumsatzes","nodeType":"text"},{"data":{},"marks":[],"value":". Das ist Wahnsinn, aber Wahnsinn mit Methode: Denn es gibt gute Gründe, dieses neueste Kapitel im großen Buch der Weltwirtschaftsgeschichte nicht als Fußnote abzutun. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"id":"MueosZ4Gs4Nd9BoeZspbB","type":"Entry","createdAt":"2026-06-09T20:23:03.129Z","updatedAt":"2026-06-09T21:06:47.173Z","publishedVersion":11,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"infoGraphic"}},"locale":"de"},"fields":{"title":"Musk vs. deutsche Wirtschaft","description":"Mutmaßliche Marktkapitalisierung von Tesla und SpaceX im Vergleich zu allen 160 börsennotierten Unternehmen in Deutschland, in Billionen US-Dollar","media":{"sys":{"type":"Link","linkType":"Entry","id":"3OXp46hDUBRvCQESaKhMO7"},"fields":{"id":"SW1hZ2VXaXRoTWV0YS0zT1hwNDZoRFVCUnZDUUVTYUtoTU83X19fMzIzMjE3ZjY0M2MzZTNmMWZlNzUzMmU3MmFjMDFiYjA3NDhjOTdiZQ","url":"https://image-service.thepioneer.de/show/mj324dykhxwi/1nJmKxf3bRwvYsNCPmIVse/acb4491eca6c4a2c9ffef8b3420e7eb3/20260610-infografik-media-pioneer-Musk-Dax40_ohne.png","preview":"","width":1572,"height":5309,"assetId":"1nJmKxf3bRwvYsNCPmIVse","link":null,"title":"20260610-infografik-media-pioneer-Musk-Dax40 ohne","fileSize":150075,"contentType":"image/png"}},"slug":"musk-vs-deutsche-wirtschaft","download":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4x17WHeq8zntG3PgjtcY5B","type":"Asset","createdAt":"2026-06-09T20:22:52.084Z","updatedAt":"2026-06-09T20:22:52.084Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"locale":"de"},"fields":{"title":"Musk vs. deutsche Wirtschaft","description":"","file":{"url":"//images.ctfassets.net/mj324dykhxwi/4x17WHeq8zntG3PgjtcY5B/68170d6e13851113b7c5a652c6a4961f/20260610-infografik-media-pioneer-Musk-Dax40.png","details":{"size":186741,"image":{"width":1700,"height":5745}},"fileName":"20260610-infografik-media-pioneer-Musk-Dax40.png","contentType":"image/png"}}},"tags":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"7pbMlnzm8Y0Peoun4HZ9JZ","type":"Entry","createdAt":"2024-10-13T03:03:43.538Z","updatedAt":"2024-10-13T03:03:43.538Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"börsennotierte Unternehmen"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"6OTcLMZaVwZ8jijGnFesi7","type":"Entry","createdAt":"2023-12-18T11:11:39.173Z","updatedAt":"2023-12-18T11:11:39.173Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"deutsche Wirtschaft"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"6GoPOmgKZ77Z2NAFmoWnto","type":"Entry","createdAt":"2023-12-15T16:19:31.113Z","updatedAt":"2023-12-15T16:19:31.113Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"US-Dollar"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"EPbSfXuLXmuYXDp0GmoEB","type":"Entry","createdAt":"2021-03-26T03:31:11.885Z","updatedAt":"2022-05-04T23:39:48.770Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Elon Musk"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"L7rToLu0AvAoxx4z4XiS0","type":"Entry","createdAt":"2021-07-14T14:31:52.309Z","updatedAt":"2021-07-14T14:31:52.309Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"SpaceX"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4lhgluvn7KTBKkXPXRUxDe","type":"Entry","createdAt":"2020-03-17T20:29:31.310Z","updatedAt":"2020-03-17T20:29:31.310Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Tesla"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"624GkW5Vkx8VQhXRzdCrk0","type":"Entry","createdAt":"2020-03-16T16:32:02.441Z","updatedAt":"2020-03-16T16:32:02.441Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":10,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Marktkapitalisierung"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4BLuPrCPfvNOOw2grRfD9b","type":"Entry","createdAt":"2020-03-13T22:23:13.183Z","updatedAt":"2020-03-13T22:23:13.183Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Deutschland"}}],"publishingDate":"2026-06-10T06:00","accessControl":"paid","id":"SW5mb0dyYXBoaWMtTXVlb3NaNEdzNE5kOUJvZVpzcGJC"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Hier fünf Anmerkungen","nodeType":"text"},{"data":{},"marks":[],"value":", warum der Börsengang von ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"SpaceX","nodeType":"text"},{"data":{},"marks":[],"value":" ein Jahrhundertereignis ist, unabhängig von der mit Spannung für Freitagnachmittag deutscher Zeit erwarteten Erstnotierung.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}