3 ms·
You are conflating money and wealth which are not always the same. Money is a medium of exchange and price is the subjective measure of how the market values w
by vntx 7y ago
You are conflating money and wealth which are not always the same.
Money is a medium of exchange and price is the subjective measure of how the market values wealth.
As some comments stated, most of the money Jeff owns come in the form of stocks which is priced at a certain amount, paper wealth, and is not spendable until it is sold and turned into cash.
The real wealth is Jeff’s ownership of all the things that actually produce goods and services for the economy.
Examples are the distribution centers, data centers that run the site, and the army of engineers who produce software and hardware for the company. Arguably, he and his company have contributed a lot to the economy.
Yes, he is obscenely rich but saying it’s not possible to make X amount of money a second is naive because monetary value is a subjective measure.
In Zimbabwe dollars, Jeff makes like a trillion a second.
Remember when the stock market lost trillions of dollars or whatever during the 2007 depression?
That was paper wealth, monetary value that was reflected in the price of actual assets until it all evaporated during the housing bubble.
Borrowers and stock owners lost a lot of paper wealth but lost their dignity more than they lost real assets as borrowers never owned anything and stock owners owned absurdly price stocks that were bound for a correction.
Some rich people killed themselves over this too, which is funny.