The ongoing Elon Twitter saga: "insert demographic" melts down

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Tony Edwards said:
Sounds slightly like germany to me.
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Wat? How?

Germany is terrible for wealth disparities, it's big on inherited wealth and has more emphasis on private rather than public companies and they're controlled by wealthy dynasties (including families that helped Hitler, benefitted from slave labour during the war etc..etc..).

US tech industry gives employees equity in the firm, allows them to build wealth and has plenty more opportunities for entrepreneurs, new companies etc.. from the newly minted millionaire founders, angel investors etc. as a result.
 
Colonel_Klinck said:
He must be regretting put $1 in to Twitter stock, let alone around $3b which if my (probably wrong) maths says his 9% cost him
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No idea what twitter is currently trading at, but I beleive he bought shares when it was about $25 per share, and as soon as he announced his shares, it doubled. Obviously has gone up and down, but unless it's lower than 25 per share, he's still in profit and the 1 billion loss if he pulls out of twitter, is hardly an issue as he'll have profit from the current share price, assuming he sells quickly before word gets out that he's selling, but also, didn't he earn 36 billion in 1 day in 2020?

JRS said:
Elon isn't going to marry you, Roar :p
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My thoughts exactly. We get asked for people that view Elon as a messiah, and then when fair critique gets thrown around, roar in straight in to defend Elon as though Elon is reading his posts

dowie said:
Wat? How?

Germany is terrible for wealth disparities, it's big on inherited wealth and has more emphasis on private rather than public companies and they're controlled by wealthy dynasties (including families that helped Hitler, benefitted from slave labour during the war etc..etc..).

US tech industry gives employees equity in the firm, allows them to build wealth and has plenty more opportunities for entrepreneurs, new companies etc.. from the newly minted millionaire founders, angel investors etc. as a result.
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Interesting. Thanks. Didn't know that about Germany.

I guess what the user was after was some sort of cap on billionaire wealth. Like let's say, once you have 10 billion, you can't get more.

Pluses and minuses with that, but certainly an interesting idea to stop someone having 250 billion while someone else has 25c to their name.
 
Apex said:
No idea what twitter is currently trading at, but I beleive he bought shares when it was about $25 per share, and as soon as he announced his shares, it doubled. Obviously has gone up and down, but unless it's lower than 25 per share, he's still in profit and the 1 billion loss if he pulls out of twitter, is hardly an issue as he'll have profit from the current share price, assuming he sells quickly before word gets out that he's selling, but also, didn't he earn 36 billion in 1 day in 2020?
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We don't know when he bought all his shares but from reporting he built up to his 9% in a short period before it was announced he'd reached 9% on the 4th of April. Twitter was trading around $40 on the 3rd. It had been in the mid $30s all the way back to mid January, before that it was in the $40s and even $50s back towards November. To be honest though its pocket change for him and he'll likely use any losses against his tax bill. Today the price is $37

twitter-share-price.jpg
twitter-2.jpg
 
Apex said:
Interesting. Thanks. Didn't know that about Germany.
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It seems to go unnoticed, they do well on income inequality, good social safety net etc. but they also have generous inheritance tax breaks for company owners and if you look at their richest people they're not entrepreneurs/founders as per the US rather they're company directors who inherited companies.

If you click on the names in this list for example you have to go through 9 richer heirs before you reach the 10th richest German who actually is a company founder.

List of Germans by net worth - Wikipedia

en.wikipedia.org en.wikipedia.org

Here is the US list for comparison... it's the complete opposite, the top 10 in this list are all self-made company founders, the first heir to a business empire is a member of the Walton family in 11th place:

List of wealthiest Americans by net worth - Wikipedia

en.wikipedia.org en.wikipedia.org

If you'd been an engineer, manager etc.. for the people in the American list over the course of the past decade then you'd bquite possibly e a multi millionaire by now in large part as as a result of your shares in the companies they founded and which have grown immensely. On the other hand, in Germany, if you'd worked for the top 10 in that list you'd (in most cases) have just been paid a nice salary and any increase in the value of their companies would go to them.
 
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His Twitter is and has been toxic for a while and I think he loves it. Why not troll the world when you're worth that much money? Its both sad and hilarious watching people hero worship him and hate on him while thinking he gives a **** about any of them. We are play things to him. He shows with every passing day why he shouldn't ever have control of Twitter.
 
you think Musk is more powerful than #metoo, he can yet be cancelled, let alone the BLM issues at his factories,
the channel4 expose on factory issues last week was interesting 'forget about the $2M theft of copper, just get the product/M3 out.

Saying that, Ronaldo successfully closed down his #metoo issues with money/nda's.
 
wesimmo said:
Exactly this. In an ideal world there would be laws that gave employees a greater share in a companies success. I would go so far as to say that billionaires are a failure of society.
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The total wealth of billionaires in the USA is like 4t. The total debt is 30t. You reckon a cap on money is really worth it? You think that solves all of America's issues?
 
Jono8 said:
He is entirely replaceable, and does not in anyway need or deserve such disproportionate wealth.
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"Entirely replaceable" So the person that replaces him will eventually have the same wealth as Elon? What have you solved?

"Disproportionate wealth" I believe wealth inequality needs to be reduced as well. Billionaires aren't really the issue though.

Perhaps look at globalisation, labour arbitrage in China and India. Central banks destroying the purchasing power of money and inflating equity and house prices to untenable levels for the younger generation. The issues around emerging markets inability to access credit markets, which are mostly westernised. These are far far bigger issues, do you not think it would be better to solves those issues?

You might find it useful to understand how these billionaire wealth figures are calculated too.
 
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