No, neither Microsoft nor Google.
Today, it was VW.
” Frankfurt – A shortage of shares in Volkswagen drove the stock price so high Tuesday that the German carmaker was theoretically the world’s most valuable corporation.
If every voting share in Volkswagen had been worth 1,005 euros (1,257 dollars), the top price of the day on the Frankfurt Stock Exchange, the entire car company would have been worth more than US oil firm ExxonMobil, which is valued at about 334 billion dollars.
Speculators who had expected the Volkswagen share price to fall were caught unprepared when they sold the stock short.
Short sellers are investors who typically borrow shares and immediately sell them in the stock market at a high price, in the belief that they can purchase identical shares at a lower price at a later date and return them to the lender.
Market sources said 12 to 15 per cent of Volkswagen shares had been subject to short-selling contracts, although less than 6 per cent of the company’s shares were believed to be in free float. “
Next time I hear somebody talk about how the stock market reflects companies’ positions in the market, I’ll laugh in their face. Betting on horses is a more respectable business, if you ask me.
And this is what determines the safety of our jobs.
We’ve come a long way, haven’t we?