this post was submitted on 04 Jul 2023
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Elon Musk and Mark Zuckerberg increased their net worth by $96.6 billion and $58.9 billion, respectively, thanks to rising share prices on the Nasdaq

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[–] SIGSEGV@waveform.social 27 points 1 year ago (15 children)

I have mixed feelings about measuring their wealth based on share prices because they couldn't sell their shares without tanking the price, right? Elon didn't actually increase his wealth; just the value of something that he has a shitton of went up.

We could also tank the value of his stocks by not buying or using his stupid shit!. For example, anyone angry that he is rich should definitely not be using Twitter.

"Eat the rich"... blah blah blah. Much easier to just protest the rich and take our money back by not giving it or our time to the rich in the first place.

[–] internetofsomethings@lemmy.world 14 points 1 year ago (1 children)

I have mixed feelings about measuring their wealth based on share prices because they couldn’t sell their shares without tanking the price, right?

Technically this is true, but remember that the wealthy can borrow money backed up by their stocks, so no: they couldn't sell those stocks without tanking the price, but yes: they have access to even more money because of this.

[–] SIGSEGV@waveform.social 6 points 1 year ago

Ohhh!! That makes sense. Goddamn the wealthy, lol

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