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> Nobody clever enough to earn that kind of money keeps 98% of it in an illiquid private investment. It’s interesting how often people say stuff like this. I d
by liamcardenas 7y ago
> Nobody clever enough to earn that kind of money keeps 98% of it in an illiquid private investment.
It’s interesting how often people say stuff like this. I don’t mean to presume anything about your knowledge of the habits of the ultra-wealthy— but how do you know this?
Mark Cuban, for instance, claims he would need to liquidate assets, including potentially his basketball team [1]. I agree it might not cause a crash, but certain billionaire-dominated industries, such as sports teams, might become increasingly foreign-owned.
[1] https://youtu.be/rCd2vWsWWrI https://youtu.be/rCd2vWsWWrI start watching at 4:50
- drewrv 7y agoCuban is straight up lying about how he might need to sell his basketball team. Or he's lying about how much stock he owns. Either way he lacks credibility. https://www.cnbc.com/2019/09/30/mark-cuban-i-have-close-to-a-billion-dollars-in-amazon-stock.html https://www.cnbc.com/2019/09/30/mark-cuban-i-have-close-to-a...
- liamcardenas 7y agoFair. In my source, he seemed to imply he would have to sell it — but didn’t actually say so explicitly. He definitively stated he would have to liquidate assets, generally speaking, after a year. He may have stated the need to sell his team elsewhere. I seem to remember reading that but it was possible I was jumping to conclusions. That said, I think it’s entirely reasonable to believe him when he claims not to have enough cash to pay the tax. Again, I find it weird how some people think about this subject. Everyone is so intent on accusing billionaires of being liars.
- rjkennedy98 7y agoWhy on earth would you believe billionaires at their word on a wealth tax. Keep in mind a good number of these billionaires have publicly stated they are close to as prosecuted as the Jews in Germany. I wouldn’t trust them an inch.
- quickthrower2 7y agoRich people can get a line of credit secured on their assets. He’s probably bullshitting.