“Founder”
Piece of shit still gets to say ‘I was the first trillionaire’, likely the big thing for him.
I hope he’s so crushed by the news that he kills himself.
The best part was the Elmo fan bois watching their investment go up in smoke because dickweed diluted their shares by almost a third during the lockup period. Honestly, even I thought that was a move that reeks of desperation.
He didn’t earn a single cent so fuck his title and he can eat shit.
Well that’s good news, but he’s still immorally rich and in need of taxation.
And how should we collect those taxes…
Elon was never a trillionaire because he never actually had that money; it was all invested in an overinflated meme stock.
Stop.
This “billionaires don’t have any real money” is ignorant.
The investments have value, the value is leverage and loans, those are power and money. Yes, it can fluctuate due to market value, but nonetheless that’s what billionaires are worth.
It’s real money.
It is theoretical money, and it vanishes at a downturn.
Go try and get an interest free loan from the bank.
Go “earn” a billion dollars in stock and try again.I guarantee you’ll have real money the second time. Sure they don’t sit on cash but billionaires absolutely tap into that stock as equity and use it like cash. Many vehicles for doing so are well documented
Yes I am aware of how they extract money from their stock holdings as propublica showed us.
My point, Elon couldn’t recognize a trillion dollars. He probably couldn’t realize a hundred billion in actual cash. The more he realizes, the more his holdings decline in value. And he downturn is coming, although he will get bailed out I’m sure.
My point is you’re arguing irrelevant semantics. They’re out buying $500 million dollar superyachts. That’s close enough to enough of their net worth being real money to make the distinction irrelevant.
500 million is a fraction of their stated wealth, it’s not semantics to recognize that they are one downturn away from seeing their wealth evaporate, and possible margin calls against that money they did realize tax free by borrowing against their stock.
Yes, it can fluctuate due to market value,
I literally stated that possibility.
What are you saying? Are you trying to make some financial hot take? Are you trying to still imply it’s not worth real money? Won’t anyone think of the poor trillionaire who is now only simultaneously worth/not worth hundreds of billions? The path you’re going down leads to “is any money real money?” and adds nothing to the conversation.
That their money is not “real” at all as you suggest was my point. It will go up in smoke.
Understanding this level of finance is not hard and I don’t understand what you’re trying to prove or your resistance to it.
What a billionaire is doing is no different (as a radical simplification to make it easy to understand) than a normal person taking a home equity loan. Your argument is that “the home isn’t real” and that’s the same as saying “SpaceX isn’t real”. The home’s value can fluctuate thanks to the real estate market, or whether or not the owner does a good job maintaining and upgrading the home. SpaceX can suffer market fluctuations and be well managed or suffer bad decisions. The money leveraged on the values of these investments is real.
As far as what you just said I can tell that you haven’t thought one step further than making the statement, I am pointing out how the money is real. We’re done here, you plainly want to be right rather than learn how the system works.
The intrinisc values of his companies, and others, are a fraction of their current market value.
When you borrow against it, when the price falls back to intrinsic value, in Musk’s case 1/100th or so of Tesla’s current valuation, they get margin calls.
My point is not hard to understand and undeniably true. Owning theoretical money you can’t realize in full is not the same as owning assets that can be realized. Musk is not trillionaire, never was.
I’m not playing financial Schrodinger’s Box with you.
OMG this, and the breathless media reporting about that fictional title are part of the problem. Just the dumbest way to run an economy.
I desperately wish that he could have his wealth crumble to dust, having been a trillionaire for a minute.
I know its not going to happen but a guy can dream.
so this website is complete dogshit and continually reloads the page for me on Firefox on android, having something of a small fit; and it seems to be paywalled anyways as a subscription nag did partially load at one point; but what I can see from the article is this hilarious subtitle/header:
The stock market selloff this week has been painful for investors, but spare a thought for Elon Musk.
Unless that thought is to laugh. And the investors can get bent, too.Doesn’t reload for me on Firefox on Android like you describe, but it is indeed paywalled and Elon et al can indeed get bent.
It should keep sliding.
Way overpriced
