Man bet his entire savings against Musk and DOGE. He stood no risk of losing ever
&imwidth=600&imheight=450&format=webp&quality=medium "Man bet his entire savings against Musk and DOGE. He stood no risk of losing ever")
Elon Musk bets are becoming common since people are almost sure of winning. Photograph: (AFP)
A man's bets against Elon Musk on the prediction market, Kalshi, left him with more money than he had invested. He put all his savings into several bets linked to DOGE and stood no chance of losing. Here is what happened.
A 37-year-old tax economist named Alan Cole bet his entire savings against Elon Musk and won. He placed a wager that, despite the SpaceX CEO's Department of Government Efficiency vowing to slash federal spending, it would not happen. Cole knew the obvious and threw all his money into different bets around the same topic, and collected more money than he had invested. It happened on the prediction market Kalshi, where he placed the bets nearly a year ago, the Wall Street Journal reported. Cole spent a total of $342,195.63 on several predictions that revolved around the same premise, that federal government spending will continue irrespective of what Trump said about slashing budgets. The bets were resolved on February 20 when the Bureau of Economic Analysis published its final figures for the year. Cole had won and had more than 3 per cent of all positions.
The man had no chance of losing money
He collected $470,300, $128,000 more than what he had invested. For Cole to lose, the federal spending had to come down by $50 billion. However, it saw an increase of about $300 billion. He was basically guaranteed no loss since he had such a huge margin and had spread his money into several bets. Cole understood that no matter what DOGE did, the spending would not see any significant drop. He calculated that the major chunk of money goes into Social Security, Medicare and defence. So pulling contracts and reducing the workforce would barely make any difference.
Experts note that there is a growing trend of betting against Musk since there is always someone betting in favour of him. An NBC News report showed that major players in prediction markets often place wagers against Musk to make quick money. The Tesla CEO apparently has a contingent of people manning the booths and placing bets showing that he would fulfil the many promises he makes. Bettors are using this to their advantage to become richer.
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