Billionaires are not billionaires because they're smart. They are rich because they are broken in a way that allows them to completely ignore morality in order to gather more wealth in a doomed attempt to fill the unfillable hole inside them. (David Stack)

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[–] 64 points 8 months ago (8 children)

Whenever I see people say: "I don't get it, if I were <insert billionaire's name here>, I'd immediately ".

survivorship bias

Anybody who is the kind of person who would spend their money to fix societal problems isn't going to wait until they're a billionaire to do it. They'll do it as soon as they think they have enough money to make a difference. That's what will prevent them from ever becoming a billionaire. It's a survivorship bias thing. Every billionaire you see is a person who could have fallen into the "trap" of helping other people with their absurd, vast wealth. But, they survived that temptation and instead kept accumulating wealth like a dragon in some fantasy story.

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  • [–] 3 points 8 months ago (4 children)

    I could see becoming a billionaire from an idea too quickly to spend it, but 99.99% of the time this is correct.

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  • [–] 4 points 8 months ago (2 children)

    I think you're dreaming if you think that's possible.

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  • [–] 1 point 8 months ago (1 child)

    It's extremely unlikely, for sure, but not necessarily impossible. You could release a piece of digital content, like a game or an album or program, that becomes wildly popular extremely quickly. Again, not likely, but strictly speaking possible.

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  • [–] 3 points 8 months ago

    that becomes wildly popular extremely quickly

    That's not going to make you $1b. Maybe tens of millions, but not billions.

    I guess you could sort-of argue that it's what happened with Minecraft, though that took more than 5 years from the alpha to the eventual acquisition. But, it's true that he went from typical middle class type wealth to a billionaire overnight when that deal closed.

    But, in almost every other case someone's going to make far less than $1b on their first deal. And then they're going to be multi-millionaires who either start giving their money away, or try for $1b.

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  • [–] 35 points 8 months ago (4 children)

    Some level of greed is normal in humans.

    Excessive greed, especially when it damages others, is a mental illness.

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  • [–] 26 points 8 months ago* (last edited 8 months ago) (2 children)

    IMO it starts way before 1 billion too.

    Like what kind of moron do you have to be to have 250.000.000 in your bank account and wake up every morning thinking you need to get more?

    It truly is a mental illness, and for the no-empathy part, we have no treatment.

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  • [–] 12 points 8 months ago

    Starts before that even…there are way too many “temporarily embarrassed millionaires” out there who are absolutely wrecking potential class solidarity while the rich just take us all for everything we’re worth. Many of them are MAGA, which does help to explain both the mental illness and burned out empathy circuits.

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  • [–] 21 points 8 months ago (1 child)

    It's seriously a mental illness, a "rich mind virus" if you will, and we should design the rules of society accordingly.

    Some of these people have an innate drive and even some skills that could contribute to society in a positive way. There should be a place for them just like any other disabled person. But that doesn't mean they should be able to run wild until they harm others.

    We as a society need to get away from the tendency to categorize a person as good or bad based on one aspect of their life and generalizing that to everything else. Assuming that somebody is moral, ethical, honest, or a capable leader based on their net worth is definitely one of the more egregious examples right now.

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  • [–] 8 points 8 months ago

    It's addiction.

    Simple as that.

    Just like a crackhead or a heroin junkie can do whatever crazy shit a non-addict would never even think of, so do the rich billionaire money-addicts.

    Just look at the difference between CEO's and mega-class actors. Lots of actors can be addicts, yeah, but not many of them are that addicted to money, and while they might buy things we consider ridiculous, they're not actively ruining society, just benefitting from capitalism.

    Whereas people like Bezos are addicted to money and actively ruining the world. He could lose 99% of his wealth and still live the same, barely fucking notice a thing in his quality of life.

    NYTimes sucks and I don't link them anymore but for thus exception as an opinion piece from Sam Polk.

    https://www.nytimes.com/2014/01/19/opinion/sunday/for-the-love-of-money.html

    He wrote a whole book about it

    https://www.goodreads.com/book/show/27274419-for-the-love-of-money

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  • [–] 25 points 8 months ago (8 children)

    However, the enabling condition is anti-trust laws not being enforced.

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  • [+] 20 points 8 months ago (7 children)
  • [–] 3 points 8 months ago (6 children)

    They only managed it when they partnered with religious bigots. They were losing, the very existence of those antitrust laws is proof. Then they bought religion.

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  • [–] 6 points 8 months ago* (3 children)

    They weren't losing. They were richer than ever before with leves of wealth inequality just recently matched. Then capitalism collapsed under the weight of that inequality into the Great Depression. Their winnings lead to collapse as they accumulated ever more resources that become unavailable to the people producing those resources. Then the cycle of accumulation and the power that comes with it started again. Antitrust got killed at one point. Unions were being killed before that. They used religion too but they were already beginning to win power again.

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  • [–] 0 points 8 months ago (2 children)

    ROFL. That's an ahistoric narrative. The Great Depression was caused by a lack of liquidity caused by a failure to respond to mass withdrawal. FDR then made it worse with the New Deal, causing a double-dip that only resolved itself with the WWII wartime economy.

    It was the lack of Federal Reserve banks and the failures of their predecessor organizations. Vaguely blaming "capitalism" is purely ignorance combined with intellectual laziness.

    The modern problems can be laid at the feet of Reagan and Nixon, mostly. Bush Sr and Bush Jr contributed. But it's mostly Nixon and Reagan that helped corrupt the antitrust framework. The fallout breaking up Ma Bell and the Microsoft Antitrust case about Internet Explorer were both critical decisions instrumental to this deterioration.

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  • [–] 1 point 8 months ago* (1 child)

    Yeah cause religion was all pure and good before it was "bought" in the mid-1900s. \s \s \s

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  • [–] 2 points 8 months ago

    For a time, American Christianity taught that rich people didn't go to heaven.

    It was still a net harm on society, but it was no fan of the rich assholes and robber barons.

    That then was warped into Prosperity Gospel.

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  • [–] 11 points 8 months ago

    Also, our culture worships money, so they become "virtuous" in the eyes of others based on their wealth

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  • [–] 11 points 8 months ago

    Old time comic WC Fields was asked how to become wealthy.

    He advised castration, followed by removal of taste buds, followed by making the person partially deaf and blind, so they couldn't appreciate music or art. Take out a kidney so they couldn't drink any liquor and they'd be the perfect money making machine, because that would be the only pleasure left.

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  • [–] 9 points 8 months ago* (last edited 8 months ago)

    They're narcissistic sociopaths.

    That's the two word version of that.

    Incapable of self-validating, also, adept at manipulating people and systems to get that validation, addicted to it.

    Morality? Empathy?

    Theoretical concepts for these people, their brains don't experience them they way others do. They can be skilled at pretending or performing them, but its fake, they're totally amoral.

    Destiny/SexPestiny.

    'Thor'/PirateSoftware.

    Thats all these people, that's the personality.

    Can't even turn off the compulsive lying, its instinctual.

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  • [–] 8 points 8 months ago* (last edited 8 months ago) (1 child)

    They are that rich because monetary policy is frantically trying to force them to spend their money by dropping interest rates and doing QE; because the CPI excludes asset prices, substitutes goods for cheaper goods, and performs subjective deductions on goods to reduce their price in the basket even though they dont help the poor afford food and rent.

    If the money supply grows at 7-8% and the stock market grows at 10% how can the poor possibly be made better off, when they are lucky to get a 2% cost of living adjustment and their minimum wage is actively being debased to push up stock values?

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  • [–] 7 points 8 months ago (1 child)

    Also because their parents were rich.

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  • Truthfully, there isn't a self made billionaire. They have built upon the legacies and funds their families have at only the right time. Like Gates, he's a Harvard drop out not because he couldn't make it, because he had the right opportunities afforded to him at that time with familial connections to setup Microsoft in one of the cheapest places possible, the garage, so to save money not because they had to but wanted to. Even Warren is the success of his family lineage. Most if not all are just nepo babies.

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  • [–] 6 points 8 months ago (6 children)

    Intentionally interpreting the analogy literally prompts the question: what should an individual do with the 'unfillable' hole?

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  • [–] 2 points 8 months ago (3 children)
  • [–] 6 points 8 months ago (2 children)

    I don't necessarily buy into this either i think power corrupts and that causes this appearance. Billionaires are just not special and got that way through a combination of things such as luck,actual smarts, inheritance, Racial and sex privilege and so on.

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  • [–] 6 points 8 months ago

    No it's not corruption, it's an inherent defect in character. There's a certain amount of money that you don't get accidentally or by any amount of honest personal effort.

    You could get a "small loan of $1M" as a trust fund baby and grow it at twice the rate of the stock market (~14% apy) for 50 years and not even be halfway to $B. To get there you have to be committing fraud/hurting people/breaking laws.

    And there's also the fact that there's no reason to make that much money. The diminishing returns are astounding once you get disgustingly wealthy. Before you hit $1B you could own a home in every major city in the world, own a mega yacht, buy a sports team, own private jets, etc. All without working a day for the rest of your life.

    Billionaires are trading precious years of their life, the one resource that can't be bought, to make their numbers bigger. The stress and effort are just not worth it, let alone the harm you have to inflict on others to get there. These people should be stopped for their own good.

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  • [–] 4 points 8 months ago* (last edited 8 months ago)

    Many of them are adherents to the idea of effective altruism which suggests that it's completely fine to become rich by any means possible so that you can save humanity with your wealth afterwards.

    One minor flaw in the "philosophy" that they haven't grasped is that their means of wealth accumulation is largely what humanity needs to be saved from. 🫠

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  • [–] 4 points 8 months ago

    The percentage of sociopaths involved with defining a society should never be greater than zero.

    Financial obesity is an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.

    Corporations are the only ‘persons’ which should be subjected to capital punishment, but billionaires should be euthanised through taxation.

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  • I collect stacks of papers that reach the ceiling and leave me with limited room, I'm a hoarder and need mental health.

    I collect large sums of wealth and money with no intention to use it and it affects me mentally just managing, successful at business.

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  • [–] 4 points 8 months ago (1 child)

    The agreeable solution is to fill their hole with lead.

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  • [–] 3 points 8 months ago

    no, they are born with a silver spoon and have never actually worked a day in thier lives. plus all of them had been to epstein islands before too.

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  • [–] 3 points 8 months ago

    They have uncontrolled OCD that manifests as financial hoarding. If they were hoarding cats, or rusty old broken appliances, we'd get them help, and clean up their property. But Billionaires get lauded as wildly successful businesspeople, and are encouraged to abuse the financial system even more, and sometimes the government gives them lots more money, just for demanding it.

    They won't give money to people who need it, but if you're a mentally ill pedophile, they'll give you as much as you demand.

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  • [–] 3 points 8 months ago

    Can we fill em with more holes? Asking for a friend

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  • [–] 2 points 8 months ago

    So plug all of their holes, got it

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  • [–] 2 points 8 months ago

    We so, so need to have just a hard limit on how much money/monetary goods one can own.

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  • [–] 2 points 8 months ago

    Spot on.

    Dragons seem to have been created to represent these insatiable and very dangerous assholes... Minus all the wisdom and coolness.

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  • [–] 2 points 8 months ago

    Gee, would've been a shame if all that money from them was redistributed to the poor. Seriously!

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  • [–] 2 points 8 months ago (2 children)

    Y'all act like these weren't at the right place at the right time. It's mostly luck and social circles that makes those people what they are.

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  • [–] 6 points 8 months ago (1 child)

    It’s mostly luck and social circles

    and sociopathy.

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  • [–] 3 points 8 months ago

    Idk, I'm wondering if this is innate or not. If you "succeeded" at everything you tried because you were set up for success (right place, right time, with the right people around, etc), I think it could be quite easy to think of yourself as more than you are. Especially if you're surrounded by Yesmen.

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  • [–] 2 points 8 months ago (1 child)

    The three of them probably fucked children at some point

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  • [–] 1 point 8 months ago

    Just read the book bro

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  • [–] 1 point 8 months ago

    I was just thinking this exact same topic coming home from the vet!

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  • [–] 1 point 8 months ago*

    "I'm also morally broken but all I got was this t-shirt" -- communists probably

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  • [–] 1 point 8 months ago

    Billionaires are billionaires because of their personal net worth.

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  • [–] 1 point 8 months ago (8 children)

    Eat the rich but the reasoning here isn't compelling. What's the evidence? Just a trust me bro?

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  • [–] 2 points 8 months ago (5 children)

    A lot of people have lots of interaction with the rich, some even the filthy rich...

    ... and those interactions have led to opinions about seemingly universal traits that they share.

    That's evidence, but not the kind of evidence you're looking for I think.

    Who's going to pay for this rigorous scientific testing? Womp womp

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  • [–] 3 points 8 months ago (3 children)

    those interactions have led to opinions about seemingly universal traits that they share.

    Are these "lots of people" in the room with us, right now?

    Tired of people trying to medicalize the economy. You're not a billionaire because you're some kind of psychological anomaly. You're a billionaire because you're at the right place in the right time with the right friends.

    Gates was born into the IBM dynasty just as the demand for GUIs took off. Bezos was a hedge fund manager for tech companies before he formed Amazon. George Soros and Warren Buffett happened to walk into an era of explosive economic growth just as they were handed billions in credit to gamble with. Elon and Thiel got into Silicon Valley just as Ben Bernake was turning on the unlimited money cheat for a select group of insiders.

    Being in the right industry at the right age with the right group of friends seems to be the only common denominator.

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  • [–] 2 points 8 months ago (1 child)

    You're right that material conditions are the main contributing factor in the creation of billionaires, but why do you think it's the only factor?

    There were thousands of individuals who had the right connections, the right age, the right group of friends, etc. Only a small percentage become billionaires. Do you think this selection process is purely luck?

    I think there is something that sets apart one class of obscenely-wealthy oligarchs from their slightly-less wealthy counterparts. Maybe it's sociopathy, or adhd, or extreme greed. It definitely looks like mental illness.

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  • [–] 3 points 8 months ago

    why do you think it’s the only factor?

    "Material conditions" isn't a single factor, its a plethora of interlocking economic systems.

    Meanwhile, there is no singular psychological profile that defines "billionaire". Elon Musk and Warren Buffet and Michael Bloomberg and Miriam Adelson and Donald Trump are all totally different people.

    There were thousands of individuals who had the right connections, the right age, the right group of friends, etc.

    Quite a few of them become mega-millionaires. It's not as though only having $500M makes you some kind of failure. Some people just get luckier than others. The folks that got rich on AOL and Yahoo never reached the heights of Google or Comcast, but it hardly matters. They're still stupid rich.

    I think there is something that sets apart one class of obscenely-wealthy oligarchs from their slightly-less wealthy counterparts.

    Sure. Dumb luck.

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  • [–] -3 points 8 months ago (1 child)

    But heck they're derivative! Elon Musk, Jeff Bezos, and Bill Gates share one very high functioning trait. They all work on the most derivative product that has everyone-with-money's attention.

    Elon learnt it young grokking a shitty version of space invaders.

    Gates was riffing on other common software solutions from a young age.

    Bezos was ploughing all in on the online book seller experience.

    They all took the world by milquetoast innovations.

    Jobs was different.

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  • [+] -2 points 8 months ago (1 child)
  • [+] -13 points 8 months ago (14 children)

    If it's so easy why aren't you a billionaire?

    In reality running a company is a dog shit unrewarding chore. You need to build something really extraordinary to punch into mainstream and hope competition won't catch up

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  • [–] 9 points 8 months ago* (9 children)

    you need to build something really extraordinary

    Is that what Elon Musk did? Give me a fucking break.

    Is that what all of these people did? https://www.theguardian.com/business/2024/apr/03/all-billionaires-under-30-have-inherited-their-wealth-research-finds

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  • [–] -3 points 8 months ago (8 children)

    Is that what Elon Musk did?

    Under him Tesla built an electric car that didn't look like a soapbox on wheels. 10 years ago same people who hate him now, praised him like a deity for that. Under him starlink was built and works world wide.

    Musk is the biggest case of falling out of grace after getting into politics

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  • [–] 10 points 8 months ago (6 children)

    Look, you can't even say he created Tesla. The man has never created anything worthwhile in his miserable life.

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  • [–] -4 points 8 months ago (5 children)

    Nuance is foreign concept for this one. Building a car isn't a one person endeavor

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  • [–] 6 points 8 months ago (3 children)

    No, I mean he literally had nothing to do with the creation of the company

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  • [–] 1 point 8 months ago (2 children)

    Creation of company has nothing to do with building a good product. Before Musk they made Tesla Roadster - which was a commercial failure.

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  • [–] 5 points 8 months ago (1 child)

    I think both can be true simultaneously, no? I don't think the point is that it's easy. I also doubt it's just hard work, elbow grease and a bit of luck to become so ridiculously rich. I think every single dollar billionaire has probably done, at the least, morally dubious things, and in most cases probably outright lied, stolen, and abused people in the pursuit of power. A billion dollars is just such an egregious amount of money in a world where so many have so disappearingly little in comparison.

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  • [–] 2 points 8 months ago

    Just because it also requires the connections, power, and wealth along with some rather humble basic competencies doesn't mean that the reason they are able to out-compete and become billionaires among their peers isn't this.

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