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> A lot of "the rich's" money is actually backed by the pension funds, 401k and similar investment vehicles. Not really clear what you mean by this. But arguab
by wubrr 1y ago
> A lot of "the rich's" money is actually backed by the pension funds, 401k and similar investment vehicles.
Not really clear what you mean by this. But arguably all of the rich's money (and all money in general) is backed by labour/the ability to exchange that money for someone else's labour.
- mschuster91 1y ago> Not really clear what you mean by this. The amount of shares in many a large company that are held by passive or semi-passive investment vehicles. It's not just high net worth individuals and nation-state entities (wealth funds) that pump money into YC, Meta, Apple, NVidia, Microsoft and god knows what else, the bulk of the ownerships is held indirectly by the wide masses via one sort or another of pension schemes. Elon Musk doesn't play with his own money on xAI, he plays with the money of his investors, and so do all the other actors in the AI bubble.
- wubrr 1y agoI think you're greatly overestimating how much ownership the general public has. The bottom 90% of the population own like 12% of all equities, while bottom 50% only own 1% [0] [0] https://finance.yahoo.com/news/wealthiest-10-americans-own-93-033623827.html https://finance.yahoo.com/news/wealthiest-10-americans-own-9...
- nosianu 1y agoNot direct ownership. He means through pension schemes, indirect dependency.
- AtlasBarfed 1y agoThose can be viewed as tools by the elite to control the capital of the plebes. Who runs/controls those funds? My knowledge of the insides of Tesla's governance highlights this. The requirement of index funds to invest fixed amounts in in companies allows CEOs to exert more board control and avoid "investor activism" for things like "roman salutes".
- mschuster91 1y ago> Who runs/controls those funds? The uber rich elites, either directly or through "friendships". And that's my point.
- deleted 1y ago[deleted]