3 ms·
Its not just billionaires though. All my friends( couple of year out of college) in the bay area have become multi millionaires over last year from stock growth
by dominotw 6y ago
Its not just billionaires though. All my friends( couple of year out of college) in the bay area have become multi millionaires over last year from stock growth.
Bunch of them bought second houses in LCOL areas, beach houses, ski condos from liquidating some of their stocks.
This article has it all wrong. Elon Musk added to his net worth due to stock growth which was caused by govt indiscriminately pumping money via stimulus, interest rates ect. Govt actions eg: giving money to ppl who experienced no loss in income has caused this. Investing in stocks was the top use of stimulus money across all income classes per cnbc.
So this was caused by govt actions not by amazon exploiting their employees more, they have been doing that forever, that hasn't changed.
I think guardian here is advocating for billionares to "trickle down" their wealth to employees. So giving money directly to ppl also causes "trickle down" ?
- lefrenchy 6y agoA couple years out of college and that rich? They must work for unicorns then right? And when you say “all my friends” how many are we really talking?
- toomuchtodo 6y agoFAANG stock comp is top tier even for juniors.
- dominotw 6y agoSorry, 'all' = 4 ppl. I have small circle of friends :D. Yea all of them work for a FAANG company.
- bagacrap 6y ago"couple" = 5
- wdn 6y agoThe Guardian is trash. They look at stock value, which its raise is largely from the government printing too much money. Look at the price the price of grocery. It is sick how fast price has been increasing.
- smt88 6y ago> The Guardian is trash. They look at stock value... The Guardian did not invent the (extremely common) practice of considering the market value of someone's stock as part of their net worth. Literally the entire world does it that way, including banks and insurance companies. You can argue that net worth is different on paper than it is when all assets are liquidated, but that's not useful when trying to figure out how much someone is worth.
- Bakary 6y agoI've never understood how so many tech workers see themselves as broadly left-wing, while at the same time gentrifying entire cities, spending their life's work growing and optimizing the fortunes of the wealthiest individuals in the world, and increasing the tools of surveillance on the population and competition between the rest of the workers.
- dominotw 6y ago> tech workers see themselves as broadly left-wing Because tech workers ~50% in the bay area here are immigrants. Left wing in USA is a coalition of wealthy and poor.