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Where's the data to back up your assertion about the rich "sit on most of their money"? I think many of the top tech billionaires have their wealth in company
by canucker2016 2y ago
Where's the data to back up your assertion about the rich "sit on most of their money"?
I think many of the top tech billionaires have their wealth in company stock (in the case of Jeff Bezos and Steve Ballmer, Bill Gates has diversified away from just MSFT stock, Elon Musk is mostly TSLA and SpaceX)
If the rich actually sit on most of their wealth (all cash - 0% interest, no income, no interest-bearing instruments/bonds, no selling stocks) then they'd pay no taxes on their wealth in the USA. But inflation would hit them hard, especially in the past couple of years.
- ceejayoz 2y ago> I think many of the top tech billionaires have their wealth in company stock... That would be sitting on it, yes.
- Jensson 2y agoWhat do you think happens with the money when they do something with it? They turn it into a company, and now it is company stock.
- ceejayoz 2y agoThat really isn’t how the stock market works. Bezos hasn’t given $200B in cash over to Amazon. Amazon gets money when they sell new shares in a public offering. Subsequent exchanges don’t affect their cash on hand.