Quote:
Originally Posted by Azure
By 1% rich I mean Bezos rich. But even then, if you look at say the 5 richest people in the world, I believe they are all self made.
Bezos himself came from nothing.
Also, those kinds of rich people tend to have a ton of assets tied up in stock of companies that are worth a lot, and things like real estate are sideline.
Though someone like Bill Gates who has been 1% rich for a lot longer now owns a lot of land and other stuff.
I do not believe Musk owns that many assets, and most of his wealth is tied up in his companies stock value. Bezos might be the same thing.
So if Tesla & SpaceX stock would crash tomorrow, Musk wouldn't be that rich anymore and would probably start defaulting on some of his IOUs.
The ability to sell stock is what keeps giving them liquid.
But even that might be wrong, as Musk doesn't necessarily sell his stock to fund Tesla as an example.
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I don't know what any of this means... Your previous post that I quoted specified "1%" and I just wanted to point out that the top 1% in both income (~$250k) and net worth (<$10mm) in Canada isn't actually
that rich, at least in a masters-of-the-universe sort of way.
So now you want to "look at say the 5 richest people in the world"? That's the top .00000006%...
If we're going to have a reasonable discussion around practical ideas and solutions, it would help to keep the goal posts stationary.