$Echostar(SATS.US) You believe his nonsense? Its current stock price relies entirely on Elon Musk's favor—the only hope is the little bit of SpaceX equity it holds. And the result? Musk merged SpaceX with xAI, and xAI burns money like water. TD Cowen directly said this is a "net negative" for EchoStar shareholders. You even have to support Musk's mistress along with him.

2. Its own subsidiary DISH owes tower companies 3.5 billion, and it has the nerve to fabricate a "force majeure" excuse to simply default on the debt. Creditors have already complained to the FCC Chairman, forcing a halt to its spectrum transactions. The money hasn't even warmed up before it has to be coughed up to repay debts.

3. Things like satellite TV and wireless services are all outdated bleeding points, with revenue declining year after year. With this mess, the valuation multiple is still more than double the five-year average (39x EV/EBITDA). The bubble is hanging by a thread, and if Musk sneezes one day, it will come crashing down.