only meaningful if their stocks don't bounce back, but too soon to tell
Also only meaningful if they can't buy up actual, tangible assets in the coming recessions, effectively converting their dead capital into more assets. (+ getting more state money for being "too big to fail")
No, they're gonna. It's exactly what happened last recession. The pain got offshored to the workers, and the people with assets used the moment to leverage their assets to buy more assets on the cheap.
Yep, every time the US is in an economic low period, the top 1% snatch up swathes of assets for cheap. It’s how we went from 1 billionaire, to several, then several billionaires to hundreds in the last ~20 years
Stocks will always bounce back. But the people that live off their 401ks now have to sell at a loss to survive.
So what? It's not like their bank accounts got affected. Their shares are valued less which means they did not loose money but the lost money they could have had.
They lost pretend money that could be used for business loans that they don't need because they have so much pretend money. The only time it matteds for these parasites is if it happens when they are acquiring another company worth billions of pretend monies.
Even a stock market collapse is a benefit to these chucklefucks.
The only time it matters for them is when an Italian plumber shows up to collect their debt.
Everything‘s on discount for them now! Time to buy up some cheap stock and failing businesses.
They win no matter what.
Some of them (ahum you know which one) did lose actual value: the entire credibility of their biggest brands are down the drain for years to come... In that way the stockprices do really show that they are losing out. Some others really are losing (sort of) equal access to big important markets... The loss is real, even tho I agree with the sentiment of your post, the lowering stocks predict lowering income, lowering dividends which these people expect to rake in eternally to keep their billionaire lifestyle afloat, etc. They are slowly becoming less wealthy from the shennanigans. Not quick enough tho. A billionaire is a thing that just shouldn't be allowed to exist ever anywhere.
Coverage like this makes me feel sad.
Do people honestly not realise that billionaires always enrich themselves during recessions?
This is all going to plan for oligarchs. People celebrating it are naive unfortunately.
I would say most of it is meaningless other than Elon and specifically Tesla, Tesla stock prices plumetting will remove most of the power from Elon in the future, even Trump might turn on him once his main thing his net worth evaporates
Yes, the all-but-inevitable Trump decision to throw Musk under the bus is not something I've seen a lot of people discuss.
That's not enough
It's a relatively small price to pay for the power they gained, and most of the losses are elons anyway
We need to keep pumping those numbers up
The Top 10 Richest Americans have a combined wealth total of $1,548 TRILLION.
$209 billion is only 0.13% of the of Top 10.
We need to get those numbers higher.
Those are rookie numbers! We've got to pump that number!
Yes, the more they lose the more we win.
PERSONAL AUSTERITY!!!! SAVE YOUR MONEY AND LET THE RICH GO FUCK THEMSELVES!!!
We have to Trump those numbers.
Acting like they have the billions as liquid cash is weird.
IF, and its a big if, they would start selling their assets in order to liquidate their stocks, the assets would nosedive in value to fucking hell. Most of their wealth is smoke and mirrors. Most of them spend money by borrowing cash against their assets.
Tax them so they have to lend or sell some assets to pay their fair share.
It’s pretty common knowledge how these billionaires leverage the value of their stocks/assets as collateral against loans, in order to avoid having to pay capital gains tax.
Even though it’s not liquid cash, there really isn’t much to preclude them from taking out cash loans up to like 70-80% of their value if they ever wanted to (not that they would, as cash depreciates in value due to inflation).
So while you are correct that if they ever had to liquidate their shares the value would plummet significantly - unless something catastrophic happens and the value of those assets plunges well below an acceptable level to their financiers, it will never happen.
If you owe the bank a $100 and can’t pay it back, that’s your problem. If you owe the bank $100m, that’s their problem.
A good start. It takes much more to fix this problem, though.
Them losing billions is meaningless. Don't for this: if you had 1 billion dollars, and you lost 99% of it, you still have 10 million dollars, which is more than what most people will ever have.
Their entire industries need to be nationalized and ALL their assets seized.
It remains to be seen if their kissing the ring was strategic or just tactical (apart from Musk, who is committed), but what they've bought wasn't a good economy. They bought into the transition from democracy and capitalism to authoritarian oligarchy.
Dollars don't describe the value of Russia-level corruption, which is where the country is now pointed. And the longer-term gains from captured institutions would far outpace a hundred billion dollars or two, if they succeed.
Small but important point. We've been an oligarchy for a while now. We're just losing the pretense of it being a democracy.
Technically we’ve been an oligarchy since day 1. It just didn’t have oligarchy vibes.
How do you screw both the rich and poor at the same time?
Sheer incompetence. Whenever he says "I'm the only one who can..." I hear "I have no fucking clue how to even begin doing this".
Good let’s make it another 200 billion EACH and even then that won’t be enough as they’ll all still have hundreds of billions of dollars which is absolutely insane
They deserve to lose so much more.
Comparing my net worth to that total net worth? I’d be upset, but not terribly so, if I lost $1000 too.
But since I would be getting it back later, and then some, it’s more like a small investment only . Definitely worth the small risk,
So that's what, about 5 minutes with of profits between them?
But to them this is winning, right? Anything to "own the libs" that they so hate. There's no such thing as failing, there's only failing forwards.
Daily Reminder:
Looks like some dumbfucks made a bad investment in a rapist.
Not really. Comparative wealth of the entire USA is declining, the Billionaires are still on top. If Elon Musk loses 99% of his wealth he would still be a billionaire.
What this really means is that people around the world outside of the USA no longer view it as a stable investment.
These are the same billionaires that donated millions to the inauguration. How's that RoI on bribery going techbros?
I can’t help but feel like this was some sort of Monkey’s paw situation. “I wish there weren’t any billionaires”
Oh ok, that’s sad, let me shed a few tears here before I go back to be exploited by the rich 😹😹😹😹😹😹😹😹
I know were in for a world of pain with the stocks tanking. But honestly don't mind that they lose even more. Lose everything. Burn with us.
They don't care. Stock prices only matter when purchasing and when selling. The day to day up and down has no affect on their direct worth.
False - these billionaires use their stock as collateral for loans. It’s all part of a tax avoidance scheme. If the stock goes down significantly, the banks come knocking.
Both of the billionaires pictured also head their companies in some way or another. Investors can vote to throw them out. Not that they would, but even the vote of no confidence is not a good look.
Banks may come to them, but hardly knocking with demands. 'If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.' And how they interact with banks, loans, etc. is far different in scale and method than the average consumer anyway.
Keep It going y’all
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