Hi comrades, I'm new here, how do we feel about posting Mastodon content on Lemmy?
this post was submitted on 14 Jun 2023
107 points (100.0% liked)
Socialism
127 readers
12 users here now
Rules TBD.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Most of this wealth is in stocks, though. Their worth is based on the number of shares they own of these companies. For every share they sell the value of the other shares drops a bit. So if Musk or Bezos sold all their shares, to have this money in actual cash, not only would they probably bankrupt their company and crash the stock market, but the cash they got out of it would be only a fraction of what this shows on paper now.
“But billionaires’ cash isn’t liquid! They can’t access it until they need $44b to buy a social media company!”
The one good thing about Elon Musk is how he disproves the myths of capitalism like this and meritocracy.