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SpaceX raises $75B in its IPO, making Elon Musk the first trillionaire

• whh 4mo ago
  > "at least on paper" This fact regularly seems to be forgotten by a lot of media reporting. People see "Musk is a trillionaire" and assume he has anywhere near that amount of liquid cash, completely ignoring that the company itself actually just lost $4.28bn. Value is simply what the market is willing to pay for a share at the margin. As a founder, my own startup has a valuation, but that sure as hell doesn't make me a millionaire. Oxfam has this daft 2% wealth tax idea on any assets over £10m. If we actually started taxing people based on paper valuations, most startups founders would be bankrupt by Series A. Funny and related: https://www.youtube.com/watch?v=iHfJRON3b-w https://www.youtube.com/watch?v=iHfJRON3b-w