A Substack Post Just Wiped Billions Off Wall Street
Not a Goldman Sachs research paper. Not a Fortune 500 earnings miss. A speculative thought experiment on a blogging platform — written by a firm most people had never heard of — just erased billions in market cap. DoorDash dropped 7%. American Express fell 7.2%, its worst day since April. IBM cratered 13% — worst since 2000. MongoDB and AppLovin slid 8%. The Dow shed 823 points. All because people read a scary story on the internet and two famous contrarians hit “share.” ...