Comment on [serious]
Wispy2891@lemmy.world 5 days agoMost of those trillions are unrealized gains based on completely unrealistic valuation in “trust me bro” style
Like Tesla being worth more than all the western car manufacturers combined or xai being “worth” billions even if it’s losing billions every year.
The second he dumps those stocks, the house of cards would crash almost immediately
EvilHankVenture@lemmy.world 5 days ago
I swear people think billionaires have a giant vault of money like Scrooge McDuck. I have had to explain this to people so many times. His wealth is almost entered imaginary and based on the speculative possible future profits of his companies. If he ever tried to convert it into cash the value would go to zero.
mech@feddit.org 5 days ago
His wealth isn’t imaginary when he uses it as collateral to borrow actual money, though.
That’s the weird part, when billionaires use their money, it’s real.
But when you discuss taking it away or taxing it, it’s suddenly just an imagination.