▲ 590 ▼ SpaceX Stock Plunge Wipes Out $600 Billion After Cursor Deal Spooks Investors (www.forbes.com) submitted 4 months ago by sanitation@lemmy.today to c/technology@lemmy.world 138 comments fedilink hide all child comments
[–] ace_garp@lemmy.world 53 points 4 months ago* (13 children) World's first ex-trillionaire , yes? permalink fedilink source hideshow 13 child comments replies: [–] TribblesBestFriend@startrek.website 20 points 4 months ago (11 children) Nope. Since everyone bought his shares he got to keep their money permalink fedilink source parent hideshow 11 child comments replies: [–] Kazumara@discuss.tchncs.de 13 points 4 months ago* (last edited 4 months ago) (7 children) By that logic he's not a trillionaire at all. They only sold 4% of the company for some 68 billion USD. A trillion dollars was never liquidated. Edit: 4.3% and 75 billion are the correct numbers. permalink fedilink source parent hideshow 7 child comments replies: [–] Blue_Morpho@lemmy.world 18 points 4 months ago* (6 children) He gets to borrow against the shares as if he has that trillion in cash. permalink fedilink source parent hideshow 6 child comments replies: [–] neukenindekeuken@sh.itjust.works 6 points 4 months ago I wonder what his will looks like. Who gets to keep it all if he ODs on Ketamine. permalink fedilink source parent [–] Kazumara@discuss.tchncs.de 5 points 4 months ago Yeah sure I also think that he is a trillionare at the moment. I was just trying to show that it's absurd to say he has the money even if the stock price falls because he's already liquidated it. permalink fedilink source parent [–] SaveTheTuaHawk@lemmy.ca 3 points 4 months ago (3 children) What moron bank would lend against no actual collateral. permalink fedilink source parent hideshow 3 child comments replies: [–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent [–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent [–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent [–] abc@suppo.fi 3 points 4 months ago (2 children) That's... not how this works. permalink fedilink source parent hideshow 2 child comments replies: [–] TribblesBestFriend@startrek.website 1 point 4 months ago (1 child) People give him 170 to 300$ for worthless share. He get to keep this money, now the valuation on the shares he have got up because people hedge fund were fighting for the useless one. Now when the dust settles we will see how Musk will do but in any case he got out with a filthy bunch of money permalink fedilink source parent hideshow 1 child comment replies: [–] ParlimentOfDoom@piefed.zip 1 point 4 months ago Most of his net worth is still in his ownership of his remaining shares. He didn't sell everything he owned. He has his special shares still. permalink fedilink source parent [–] abc@suppo.fi 1 point 4 months ago No, SpaceX's valuation hasn't really decreased significantly. Musk is still comfortably a trillionaire. permalink fedilink source parent
[–] TribblesBestFriend@startrek.website 20 points 4 months ago (11 children) Nope. Since everyone bought his shares he got to keep their money permalink fedilink source parent hideshow 11 child comments replies: [–] Kazumara@discuss.tchncs.de 13 points 4 months ago* (last edited 4 months ago) (7 children) By that logic he's not a trillionaire at all. They only sold 4% of the company for some 68 billion USD. A trillion dollars was never liquidated. Edit: 4.3% and 75 billion are the correct numbers. permalink fedilink source parent hideshow 7 child comments replies: [–] Blue_Morpho@lemmy.world 18 points 4 months ago* (6 children) He gets to borrow against the shares as if he has that trillion in cash. permalink fedilink source parent hideshow 6 child comments replies: [–] neukenindekeuken@sh.itjust.works 6 points 4 months ago I wonder what his will looks like. Who gets to keep it all if he ODs on Ketamine. permalink fedilink source parent [–] Kazumara@discuss.tchncs.de 5 points 4 months ago Yeah sure I also think that he is a trillionare at the moment. I was just trying to show that it's absurd to say he has the money even if the stock price falls because he's already liquidated it. permalink fedilink source parent [–] SaveTheTuaHawk@lemmy.ca 3 points 4 months ago (3 children) What moron bank would lend against no actual collateral. permalink fedilink source parent hideshow 3 child comments replies: [–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent [–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent [–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent [–] abc@suppo.fi 3 points 4 months ago (2 children) That's... not how this works. permalink fedilink source parent hideshow 2 child comments replies: [–] TribblesBestFriend@startrek.website 1 point 4 months ago (1 child) People give him 170 to 300$ for worthless share. He get to keep this money, now the valuation on the shares he have got up because people hedge fund were fighting for the useless one. Now when the dust settles we will see how Musk will do but in any case he got out with a filthy bunch of money permalink fedilink source parent hideshow 1 child comment replies: [–] ParlimentOfDoom@piefed.zip 1 point 4 months ago Most of his net worth is still in his ownership of his remaining shares. He didn't sell everything he owned. He has his special shares still. permalink fedilink source parent
[–] Kazumara@discuss.tchncs.de 13 points 4 months ago* (last edited 4 months ago) (7 children) By that logic he's not a trillionaire at all. They only sold 4% of the company for some 68 billion USD. A trillion dollars was never liquidated. Edit: 4.3% and 75 billion are the correct numbers. permalink fedilink source parent hideshow 7 child comments replies: [–] Blue_Morpho@lemmy.world 18 points 4 months ago* (6 children) He gets to borrow against the shares as if he has that trillion in cash. permalink fedilink source parent hideshow 6 child comments replies: [–] neukenindekeuken@sh.itjust.works 6 points 4 months ago I wonder what his will looks like. Who gets to keep it all if he ODs on Ketamine. permalink fedilink source parent [–] Kazumara@discuss.tchncs.de 5 points 4 months ago Yeah sure I also think that he is a trillionare at the moment. I was just trying to show that it's absurd to say he has the money even if the stock price falls because he's already liquidated it. permalink fedilink source parent [–] SaveTheTuaHawk@lemmy.ca 3 points 4 months ago (3 children) What moron bank would lend against no actual collateral. permalink fedilink source parent hideshow 3 child comments replies: [–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent [–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent [–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent
[–] Blue_Morpho@lemmy.world 18 points 4 months ago* (6 children) He gets to borrow against the shares as if he has that trillion in cash. permalink fedilink source parent hideshow 6 child comments replies: [–] neukenindekeuken@sh.itjust.works 6 points 4 months ago I wonder what his will looks like. Who gets to keep it all if he ODs on Ketamine. permalink fedilink source parent [–] Kazumara@discuss.tchncs.de 5 points 4 months ago Yeah sure I also think that he is a trillionare at the moment. I was just trying to show that it's absurd to say he has the money even if the stock price falls because he's already liquidated it. permalink fedilink source parent [–] SaveTheTuaHawk@lemmy.ca 3 points 4 months ago (3 children) What moron bank would lend against no actual collateral. permalink fedilink source parent hideshow 3 child comments replies: [–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent [–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent [–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent
[–] neukenindekeuken@sh.itjust.works 6 points 4 months ago I wonder what his will looks like. Who gets to keep it all if he ODs on Ketamine. permalink fedilink source parent
[–] Kazumara@discuss.tchncs.de 5 points 4 months ago Yeah sure I also think that he is a trillionare at the moment. I was just trying to show that it's absurd to say he has the money even if the stock price falls because he's already liquidated it. permalink fedilink source parent
[–] SaveTheTuaHawk@lemmy.ca 3 points 4 months ago (3 children) What moron bank would lend against no actual collateral. permalink fedilink source parent hideshow 3 child comments replies: [–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent [–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent [–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent
[–] stringere@sh.itjust.works 16 points 4 months ago Almost all of them. That's how the Epstein class fund their lifestyles, they borrow against their stocks. This is why the Epstein class always want low interest rates; it is not about mortgages, at least not the kind where someone is homeless because they missed a payment. https://taxproject.org/carried-interest/ permalink fedilink source parent
[–] Blue_Morpho@lemmy.world 1 point 4 months ago It doesn't make sense but Banks treat current stock price as a liquid asset. permalink fedilink source parent
[–] EldritchFeminity@lemmy.blahaj.zone 1 point 4 months ago To add to what the other user said, this is why the rich convert their money into real estate wealth as well. Not only does it hold its value better than cash, it appreciates faster than any savings account ever could, and the wealthy take a loan out on it when they need cash, and then pay that loan off with money from a loan on a different piece of property. By repeating this over and over, they go their whole lives without ever having to actually give up any of their assets to pay off any of these loans, and when they die, the debt disappears alongside them. permalink fedilink source parent
[–] abc@suppo.fi 3 points 4 months ago (2 children) That's... not how this works. permalink fedilink source parent hideshow 2 child comments replies: [–] TribblesBestFriend@startrek.website 1 point 4 months ago (1 child) People give him 170 to 300$ for worthless share. He get to keep this money, now the valuation on the shares he have got up because people hedge fund were fighting for the useless one. Now when the dust settles we will see how Musk will do but in any case he got out with a filthy bunch of money permalink fedilink source parent hideshow 1 child comment replies: [–] ParlimentOfDoom@piefed.zip 1 point 4 months ago Most of his net worth is still in his ownership of his remaining shares. He didn't sell everything he owned. He has his special shares still. permalink fedilink source parent
[–] TribblesBestFriend@startrek.website 1 point 4 months ago (1 child) People give him 170 to 300$ for worthless share. He get to keep this money, now the valuation on the shares he have got up because people hedge fund were fighting for the useless one. Now when the dust settles we will see how Musk will do but in any case he got out with a filthy bunch of money permalink fedilink source parent hideshow 1 child comment replies: [–] ParlimentOfDoom@piefed.zip 1 point 4 months ago Most of his net worth is still in his ownership of his remaining shares. He didn't sell everything he owned. He has his special shares still. permalink fedilink source parent
[–] ParlimentOfDoom@piefed.zip 1 point 4 months ago Most of his net worth is still in his ownership of his remaining shares. He didn't sell everything he owned. He has his special shares still. permalink fedilink source parent
[–] abc@suppo.fi 1 point 4 months ago No, SpaceX's valuation hasn't really decreased significantly. Musk is still comfortably a trillionaire. permalink fedilink source parent