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I think Elon threw his hat in the ring for "most wealth lost by and individual in a single year." And I agree, it is a really tough game to play. And now the ta

I think Elon threw his hat in the ring for "most wealth lost by and individual in a single year." And I agree, it is a really tough game to play. And now the table stakes are basically unreachable by most.

darth_avocado 4y ago
If “Money lost” means stock valuation decline or overpaying for another company, that he may be able to salvage. And not yolo on meme stonks and realize all the losses.
- encoderer 4y ago
  If you dramatically overpay for an asset you have lost money. It’s not just logically correct, it’s also gaap mark-to-market accounting.
  - lazide 4y ago
    Only when someone figures out what the fair price actually is. Which depends of course on who is doing the accounting and when/if mark to market actually happens (which doesn’t necessarily need to, for most entities).
- ChuckMcM 4y ago
  Well to be fair the Alameda fiasco had them over valuing FTT tokens (which is kind of like over paying for a stock right?) I mean she didn't "lose" money, the assets that she collateralized her loans with became worthless so she couldn't repay them. But I think that gets way into accounting arcana which Matt Levine does a much better job of explaining than I ever could!
TylerE 4y ago
Are either in even the same ballpark as the SoftBank guy? Didn’t he light something like $40b on fire one year?
- wpietri 4y ago
  It depends on how we're counting, but Musk is down over $100 billion in the last year: https://www.cnn.com/2022/12/07/business/elon-musk-wealth/index.html https://www.cnn.com/2022/12/07/business/elon-musk-wealth/ind...
  - TylerE 4y ago
    Actually I was wrong, it was 70 billion, and it was 22 years ago: As of December 2022, Son ranks 67th on the Forbes list of The World's Billionaires 2022,[10] despite having the distinction of losing the most money in history (approximately $70bn during the dot com crash of 2000).[11] That’s $121b inflation adjusted
    - 29083011397778 4y ago
      Sounds like Elon has one week to become a record-holder.

darth_avocado 4y ago

If “Money lost” means stock valuation decline or overpaying for another company, that he may be able to salvage. And not yolo on meme stonks and realize all the losses.

encoderer 4y ago
If you dramatically overpay for an asset you have lost money. It’s not just logically correct, it’s also gaap mark-to-market accounting.
- lazide 4y ago
  Only when someone figures out what the fair price actually is. Which depends of course on who is doing the accounting and when/if mark to market actually happens (which doesn’t necessarily need to, for most entities).
ChuckMcM 4y ago
Well to be fair the Alameda fiasco had them over valuing FTT tokens (which is kind of like over paying for a stock right?) I mean she didn't "lose" money, the assets that she collateralized her loans with became worthless so she couldn't repay them. But I think that gets way into accounting arcana which Matt Levine does a much better job of explaining than I ever could!

TylerE 4y ago

Are either in even the same ballpark as the SoftBank guy? Didn’t he light something like $40b on fire one year?

wpietri 4y ago
It depends on how we're counting, but Musk is down over $100 billion in the last year: https://www.cnn.com/2022/12/07/business/elon-musk-wealth/index.html https://www.cnn.com/2022/12/07/business/elon-musk-wealth/ind...
- TylerE 4y ago
  Actually I was wrong, it was 70 billion, and it was 22 years ago: As of December 2022, Son ranks 67th on the Forbes list of The World's Billionaires 2022,[10] despite having the distinction of losing the most money in history (approximately $70bn during the dot com crash of 2000).[11] That’s $121b inflation adjusted
  - 29083011397778 4y ago
    Sounds like Elon has one week to become a record-holder.