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Elon Musk Becomes First Person Ever to Lose $200B
- scaredginger 4y agohttps://archive.ph/UvW0E https://archive.ph/UvW0E
- mindcrime 4y agoHence the old joke that goes: Q: How does one become a millionaire? A: Start as a billionaire and buy Twitter
- 082349872349872 4y agoUSD 200B handily (even inflation adjusted) beats the Hunt Brothers: https://en.wikipedia.org/wiki/Silver_Thursday https://en.wikipedia.org/wiki/Silver_Thursday
- sschueller 4y agoIt's shows just how pointless it is to have this much money and only bad things come from it. Tax anything above 1 billion at 100%. If that isn't realized gains do not allow them to borrow against it. No loop holes. The US and others managed to set a global minimum coorperate tax so this is doable.
- eddhead 4y agoDo you really think he has that much liquid cash, and he physically lost $200 billion?
- sschueller 4y agoLike I said, liquid or not, they can borrow against it tax free which in itself should be a crime.
- nullish_signal 4y agoDon't deflate their victory over his loss of funny money
- papito 4y ago100%? Really? Just take it all away? There must be a middle ground between the former 95% top rate and the current near-zero rate. Yes, no one paid the 95%, I realize - the loopholes have always existed. The point is NOT to take all of your money away, but to force you to RE-INVEST the money into growth and your employees. Otherwise you are just inviting schemes like stock buybacks and dark money flow into Washington DC, to make all of that legal.
- sschueller 4y agoWhy not? No individual needs that kind of money. I don't want billionaires running charities deciding who gets what. I want elected governments to do that. (yes I know the US government is wasteful and incompetent but not all governments are). The wealth these people have acquired is because of the public and the public should benefit from the excess.
- sph 4y agoPaywalled
- _zzaw 4y agohttps://archive.vn/UvW0E https://archive.vn/UvW0E
- scaredginger 4y agoJust $137 billion more to go
- GianFabien 4y agoAnother example of the error of conflating the purported value of some pieces of paper with real money. It's not like Elon had $200B sitting in a safe and one day it was all gone. That would be a "real loss". Our capitalist system is more like a visiting a casino. No matter how many chips you win or lose at the tables. The only result that matters is how much money you walk out with.
- mypastself 4y agoWhile I agree that plenty of people (deliberately?) misunderstand how net worth is calculated, what would be the equivalent of “walking out” in this scenario? Transferring your assets to cash that’s going to be devalued by the government issuing more currency? It’s become extremely difficult to find an asset that’s both liquid and preserves value nowadays. Is cash the money-est money there is? I’m not so sure.
- digilypse 4y agoPerhaps, exchanging cash for some real utility.
- mypastself 4y agoFor sure, and that’s the “medium of exchange” aspect of it. But it’s still not the best store of value…
- abudabi123 4y agoElon M speaks of things infinite money can't buy. LEO proliferated communication satellites was pretty much not available before SpaceX levelled up the game. ULA is a money magnet on the books.
- mypastself 4y agoIf there’s one thing I’d consider valuable that the man is responsible for, it’s SpaceX. I’m not sure I’d invest in Tesla even at half its current price, but if SpaceX ever went public, I’d be on it immediately.
- imtringued 4y agoWhy hasn't he just bought some ICE competitor and mismanaged that one to the ground?
- jqpabc123 4y agoMidas lost his touch once he decided to jump into politics and champion "free speech" by doing exactly what he railed against. Who knew that the right wing version of "freedom" is really about using money to promote more bias? Who knew that blatant right wing hypocrisy was bad for business?
- datafulmanak 4y ago[dead]
- yucky 4y ago[flagged]
- theCrowing 4y agoYou are a user of this site. Stop projecting like we are some hivemind entity.
- yucky 4y agoThe visible hivemind here is a recent thing, which is what makes it so noticeable. I don't think Elon has left the frontpage since he bought Twitter. Very hivemindy...