4 ms·

And most of them are also started by heirs of generational wealth. Just because the companies change doesn't mean the owners do.

leereeves 4y ago
Who specifically are you thinking of? Every founder I can think of was born in the middle or upper middle class.
- malermeister 4y ago
  Elon Musk's dad was a South African millionaire. Bill Gates' mom was on the board of directors of a bank and gave him an intro to IBM execs. [0] Bezos parents invested 250k to fund Amazon. [1] Upper middle class is generational wealth already if it passes a generation. [0] https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influenced-the-success-of-microsoft.html https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influe... [1] https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-parents-to-invest-in-amazon--turning-them-into.html https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-paren...
  - leereeves 4y ago
    Yeah those parents are all upper middle class. None of them are at all comparable to the owners of a company like VW, Tesla, or Amazon. And none of them were "heirs who own the majority of stock" nor support your claim that "just because the companies change doesn't mean the owners do". Edit to reply: You don't need to tell me about the social mobility of people living in poverty. I was born into a family of construction workers, and escaped poverty by learning to program. I know from experience that new businesses create opportunities to escape poverty, even if that isn't measured or sufficiently weighted by the index you cited.
    - malermeister 4y ago
      You can call it "upper middle class" all you want, but to the vast majority of the population those folks would simply be "rich". I'm not as concerned as you with the various strata of richness and the mobility between them. I'm much more concerned with the social mobility of people living in poverty, which is pretty bad in the US compared to Europe. [0] Key factor in that? Unions. [0] https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index
      - SamReidHughes 4y ago
        The thing you're linking doesn't even measure social mobility, it just calls itself a social mobility index.
  - GAN_Game 4y ago
    Zuckerberg went to Phillips Exeter, a high school which costs at least $47,000 a year. Zuckerberg bought Instagram from Kevin Systrom who went to Middlesex high school, which costs at least $55,000 a year. At this point it becomes a parlor game of who is rich, and who is "upper middle class", which apparently means spending $55,000+ a year on your kid's high school.
    - leereeves 4y ago
      You're really moving the goalposts. From "the heirs who own the majority of stock" to "spending $55,000+ a year on your kid's high school." Edit: Zuckerberg's parents were a psychiatrist and a dentist. Well paid jobs but still jobs. I'd hardly call it generational wealth.
      - malermeister 4y ago
        If your parents can afford to spend 60k a year on your high school, then that is generational wealth. Do you think the child of a poor single mother trying to make ends meet is given the same opportunities?
        leereeves 4y ago
        It's not as easy, certainly, but I know of several founders who grew up poor. Steve Jobs father never graduated high school and fixed cars for a living. Larry Ellison grew up in an apartment in the South Side of Chicago. Starbucks founder Howard Schultz grew up in a public housing project.
- dexterdog 4y ago
  He's not talking about the founders. He's talking about the funders.

leereeves 4y ago

Who specifically are you thinking of? Every founder I can think of was born in the middle or upper middle class.

malermeister 4y ago
Elon Musk's dad was a South African millionaire. Bill Gates' mom was on the board of directors of a bank and gave him an intro to IBM execs. [0] Bezos parents invested 250k to fund Amazon. [1] Upper middle class is generational wealth already if it passes a generation. [0] https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influenced-the-success-of-microsoft.html https://www.cnbc.com/2020/08/05/how-bill-gates-mother-influe... [1] https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-parents-to-invest-in-amazon--turning-them-into.html https://www.cnbc.com/2018/08/02/how-jeff-bezos-got-his-paren...
- leereeves 4y ago
  Yeah those parents are all upper middle class. None of them are at all comparable to the owners of a company like VW, Tesla, or Amazon. And none of them were "heirs who own the majority of stock" nor support your claim that "just because the companies change doesn't mean the owners do". Edit to reply: You don't need to tell me about the social mobility of people living in poverty. I was born into a family of construction workers, and escaped poverty by learning to program. I know from experience that new businesses create opportunities to escape poverty, even if that isn't measured or sufficiently weighted by the index you cited.
  - malermeister 4y ago
    You can call it "upper middle class" all you want, but to the vast majority of the population those folks would simply be "rich". I'm not as concerned as you with the various strata of richness and the mobility between them. I'm much more concerned with the social mobility of people living in poverty, which is pretty bad in the US compared to Europe. [0] Key factor in that? Unions. [0] https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index
    - SamReidHughes 4y ago
      The thing you're linking doesn't even measure social mobility, it just calls itself a social mobility index.
- GAN_Game 4y ago
  Zuckerberg went to Phillips Exeter, a high school which costs at least $47,000 a year. Zuckerberg bought Instagram from Kevin Systrom who went to Middlesex high school, which costs at least $55,000 a year. At this point it becomes a parlor game of who is rich, and who is "upper middle class", which apparently means spending $55,000+ a year on your kid's high school.
  - leereeves 4y ago
    You're really moving the goalposts. From "the heirs who own the majority of stock" to "spending $55,000+ a year on your kid's high school." Edit: Zuckerberg's parents were a psychiatrist and a dentist. Well paid jobs but still jobs. I'd hardly call it generational wealth.
    - malermeister 4y ago
      If your parents can afford to spend 60k a year on your high school, then that is generational wealth. Do you think the child of a poor single mother trying to make ends meet is given the same opportunities?
      - leereeves 4y ago
        It's not as easy, certainly, but I know of several founders who grew up poor. Steve Jobs father never graduated high school and fixed cars for a living. Larry Ellison grew up in an apartment in the South Side of Chicago. Starbucks founder Howard Schultz grew up in a public housing project.
dexterdog 4y ago
He's not talking about the founders. He's talking about the funders.