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You are right that most of their wealth is tied up in assets but you don't need to convert their wealth into cash, you can just transfer ownership. Example, tak
by mempko 6y ago
You are right that most of their wealth is tied up in assets but you don't need to convert their wealth into cash, you can just transfer ownership. Example, take Elon Musks shares in Tesla and just give them to random people. Some of those people may sell, but many won't.
This clearly won't destroy the value of Tesla since they will continue making cars. They made good cars before Elon joined Tesla, and they will continue after Elon leaves Tesla.
- sokoloff 6y ago> They made good cars before Elon joined Tesla Musk became CEO of Tesla in Oct 2008. As of Sept 10, 2008, Tesla had delivered 27 cars to customers. That's about as "technically correct and practically wrong" as I've seen.
- mempko 6y agoWhat's wrong here? It's not like Elon designed the model S, Mercedes engineers along with Tesla ones did. Mercedes invested in 10% of Tesla and even ordered Tesla batteries for Mercedes models. But found Tesla didn't test their batteries for durability and safety. Mercedes reduced the range of their B models and added shielding to compensate. Tesla owners had to learn the hard way after several Model S cars caught on fire. Tesla fixed it after the fact. I wouldn't trust a company cutting so many corners. Recent recall is another example. https://www.reuters.com/article/us-autos-tesla-newera-insight/how-tesla-defined-a-new-era-for-the-global-auto-industry-idUSKCN24N0GB https://www.reuters.com/article/us-autos-tesla-newera-insigh...
- sokoloff 6y agoTesla has sold over 1,000,000 cars at this point. Over 99.997% of those were sold after Musk was CEO. So, while it's technically absolutely true that "they sold cars before Elon joined", it's a literal rounding error.
- mempko 6y agoHere I am, trying to give credit to Tesla's success to the countless engineers and designers who did 99.9% of the work. By your own math, what Elon did is a rounding error.
- BobbyJo 6y agoYou think that if the bottom 50% of America, which can't afford a surprise 1000$ bill, is going to sit on 10k+ and not try to spend it? I have to disagree.