The wealth of the 10 richest people in the world – a list dominated by US tech billionaires – increased by a record amount after Donald Trump’s victory in the presidential election, according to a widely cited index.
The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people gained nearly $64bn (about £49.5bn) on Wednesday, the largest daily increase since the index began in 2012.
Elon Musk, the world’s richest person, registered the largest increase with a $26.5bn addition to his fortune, which now stands at $290bn. The prominent backer of Trump’s campaign, benefited from a surge in the share price of Tesla, the electric carmaker where he is chief executive and in which he owns a 13% stake.
I don’t see in the article what percentage of this increased ‘value’ was actually spent on stocks. It seems such a house of cards to say the unrealised value of retained holdings is worth anything like the figure you get if applying the most recent trade’s value to all existing shares. A value beyond a percentage of the company’s assets and projected yield makes for a pretty risky game of hot potato for anyone buying in at the end and the potential for ridiculously overblown paper losses for anyone who got in at the start of the pyramid scheme with knock-on effects that propagate out to the real economy through the contagion of doomsaying. Bonds are a far more transparent way of raising funds and incentivise productive endeavours with good fundamentals as the company needs to pay from profits rather than offloading rewards to the system of finding another sucker (which can happen with bonds as well if sold before maturity in the belief that the issuer will be unable to fulfill their promise).
Trickle down aaaaanny day now …
So Musk’s investment in election interference of what, a million bucks a day? towards bribing people to vote now looks like an utter pittance relative to what he made back in just one day.
Of course these guys know that investing in elections has a good ROI.
For added perspective: spending a million as a billionaire is the same as spending $1 when you have $1000 in your bank account.
It is utterly meaningless.
Especially if you did it only 45 times or so at $45 invested and got $26,500 back a day after the election
Thank goodness, they were having such a rough time of it
600,000 people diagnosed with terminal cancer each year in the US. 800 billionaires. Just saying, they will likely die before they even get sentenced. And it’s entirely likely the billionaires own or supported companies that caused that cancer in the first place, or supported medical systems that didn’t allow people to properly be screened or treated for cancer.
It’s like if Walter White wanted to help others
Thats the problem with Anarchy is they have resources and you don’t so in open warfare they win every time.
You could try to form a large organization pooling resources for a specialized fighting force but…
Oh look, half of the USA just voted alongside the Billionaires. Looks like we’re outnumbered.
Guy making $8/hr: the economy is better now
Any day now eggs will go back to costing what they did in 1992…
I agree with this take. It’s like people have the grocery prices from when they first started living on their own seared into their brains.
Don’t call me out like that…
what was that? like $4?
$ 214 per person
Don’t worry. It will trickle down any day now.
Like piss, right?
Right?
Piss trickling down on us would be an improvement
I guess it’s slightly better than the old “Horse and Sparrow” name which implies “Eat shit and like it”.
Like being on level 250 of the Platform.
I was about to tell you about this movie called El Hoyo that was similar to your comment and then I realized we’re talking about the same thing I just watched it in Spanish. lol
That’s where that comes from, yes.
oh right. goodbye, biden’s billionaire tax.
Keep pulling and the rope is gonna break, sooner or later
$64bn so far.
Because of course it fucking did.
We’re just being kicked while we’re already down. The idiots who voted for him don’t realize they’re in the ground with us.
On the stock markets (worldwide) it felt like someone held back the whole time and then started investing large sums.
I also immediatelty scrapped all my plans about buying US stock. Everything has to be reevaluated 😕
Maybe I’ll have to reconsider my Taiwan investments, too.
Berkshire Hathaway had built up $300B in cash reserves - maybe Warren decided it was time to buy?
Makes sense. You’d want to hold back on buying until the market becomes clearer.
Elon looks like one of the pointing soyjaks in that pic.
