Elon Musk calls himself ‘former trillionaire’ as billions vanish amid Tesla, SpaceX crash. Why the rich laugh at losses

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https://finance.yahoo.com/markets/stocks/articles/elon-musk-calls-himself-former-105500385.html

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At its peak, Musk’s fortune was estimated at roughly $1.45 trillion (2). By July 27, Forbes estimated that his net worth had dropped below $700 billion — wiping more than $750 billion from his fortune on paper.

He did not panic, dump his holdings or retreat into cash.

Not quite true. He didn’t dump his holding in SpaceX because he’s on a lockup schedule that doesn’t let him sell any shares until Jun 2027. He can’t sell his SpaceX stock and retreat into cash.

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Also, he certainly avoids paying capital gains taxes on his wealth like all of the rich, by borrowing with the inflated value stock as collateral. He’s never going to dump his holdings and the very idea that he’d ever need cash is nonsense.

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Great, now keep goijg till you call yourself a former billionaire.

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And then until he’s calling himself “former millionaire”

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Nice. Can we do the rest of the wealthy now?

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Cool, OK so you won capitalism, go away now.

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Comments in United States | News & Politics@midwest.social

“Why the rich laugh at losses” I swear, headlines get stupider by the minute.

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If you ever had millions in the stock market and seen it go up and down enormous amounts each month, you actually don’t care so much. The only thing that matters is where it will be in the future. And Musk definently thinks like that. You have to, otherwise the stock market will ruin you.

Its competely unavoidable that a stock goes up and down a lot for a company like Tesla.

That being said, Musk has been nervous before when the stock has halfed in value very quickly. Like anyone would.

Also keep in mind that this is not money that Musk needs. It can go up and down or whatever, doesn’t affect him as long as it’s not permanent.

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I wasn’t looking for an explanation here, I will just assume that when someone has a lot of money it hurts less to lose some than when someone has very little money. It’s so obvious that I don’t really need a stockmarket 101 - a schoolkid could grasp this. Headlines like this pretend someone cares while it’s really just a continuation of the bread and circuses game with a bit of ragebait for the lower decks.

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Yeah I would go as far as saying that when you have more than enough money, you just notice your account going up and down but it has no effect on your daily life and your ability to pay your bills.

If you don’t have enough money, any small extra cost can mean you have to make difficult choices right away.

I guess the headlines are ragebait since so many people don’t have enough money these days. It makes sense to get pissed off about reading it.

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