31
Elon Musk calls himself ‘former trillionaire’ as billions vanish amid Tesla, SpaceX crash. Why the rich laugh at losses (finance.yahoo.com)
submitted 3 months ago by to c/usa@lemmy.ml
6 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] 11 points 3 months ago (1 child)

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.

  • permalink
  • fedilink
  • source
  • hideshow 1 child comment
    •
  • [–] 9 points 3 months ago

    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.

  • permalink
  • fedilink
  • source
  • parent