My portfolio went up after the election, but I’ll gladly trade it for 1% of Musk’s.
I have a saying “if I had your money I’d burn mine”.
Meme stock based on a bubble.
This would have been a much better headline back when his net worth was “only” $40bn.
give it time
Elon Musk, world’s first former trillionaire.
Putin is probably a trillionaire, he’s rumoured to have long been the richest person in the world in truth, since at least like ten years ago. ie, he owns all the vodka production, a traditional monopoly of the tsar. But he’s pieces of all the businesses they say, in secret holding companies or whatever.
I’m wondering how much his empire lost in value with Russia’s economy going down.
It’s all imaginary money that never existed in the first place. He lost nothing because he didn’t actually have anything to begin with.
Its imaginary yet can (try to) buy elections, private island visits, and absolute immunity from the law.
Hmm. Doesn’t seem imaginary to me.
Also, can be used as collateral for low to no interest loans, meaning that he’s the richest person in the world yet has little to no taxable income and no risk of losing it all.
There’s rigged games, and then there’s how the US banking system treats billionaires and hectomillionaires…
He lost nothing
He lost a marginal amount of credit worthiness. $80B is twice the purchase price of Twitter, as a point of comparison. But it’s after a $400B bull run.
What he’s lost today is dwarfed by what he gained over the last ten years.
This just shows how dumb our entire world is … that a single man could win or lose so much imaginary money in a single moment, just because enough of us collectively willed it.
It’s another example of why I see modern finances, stock markets and ultra wealth as just our modern day religion.
It’s like ancient civilizations … Babylonians, Sumarians, Egyptians … we look back at their cultures and see them as backwards for believing in sun gods, god kings and divine entitlements
We’re doing the same thing, we just call it the ‘stock markets’, ‘investments’, ‘corporations’ … and it all only exists because enough of us believe in it. And just like the ancient cultures, if enough people stop believing in it … then it means nothing and it loses all its power.
Even a lot of actual money is just imaginary numbers on a computer somewhere, not actually represented even by physical currency – bills and coins – anywhere. Not even silly little slips of paper, just numbers on a computer.
Isn’t he supposedly a trillionaire these days? $80B is a good start, but it’s not nearly enough
Put together $765M in direct contributions, $40B loss in the Twitter-Xitter transmografication, call it $50B in total “investment”.
In 2015 he was worth about $13B, today, after losses, he’s worth in the neighborhood of $770B, that’s a CAGR of around 45%, $50B “losses” while that kind of growth is happening is in the noise, one bad year, even losing 50%, when your growth rate has been a sustained 45% per year for 11 years - that’s trivial.
Now: should these concentrations of wealth ever happen in the first place? Absolutely not, which is why he’s “investing” so much in preserving the structures that allow it to exist at all.
Yeah the fact that this 80 billion dollar loss, which is larger than the GDP of a lot of countries, has zero effect on his quality of life is a pretty good indicator that the existence of billionaires is a danger to our economy and society.
Also proof they shouldn’t exist in the first place. Money in certain denominations is simply too much to merely fund any personal expenses. You can buy a fancy house with millions. You create/upgrade city and state infrastructure with billions. The difference between a million and a billion is staggering. I’m not sure where the cap should exist, but i simply don’t think any individual should have even 1 billion dollars.
Isn’t he supposedly a trillionaire these days?
Only briefly, he went back down under $1T only a week or two after reaching it.
Trillionaire loses $80B credit card in couch cushions. Nation celebrates as oligarch experiences rounding error shift in status.
Best part is rates and inflation keep going higher. Isn’t out yet and has been nerfed/massaged but CPI is well above 6% now.
Eighty billions? Those are rookie numbers!
lolRight? Now he can’t even afford to buy a 25th giga-yacht! What a loser. Lol!
Cybercuck.
All according to plan. Now SpaceX can easier afford to buy Tesla. 😈
80 billion? How on earth will he ever get by on the remaining $920,000,000,000 dollars?
The number is largely pinned to the market cap (stock price) of his stake in his publicly traded companies. That being said they can go much lower.
