I have no specific issue with millionaires. You work for 40 years and save up a nest egg so you can survive retirement. A million or two is totally reasonable for the golden years.
Billionaires, on the other hand? They don’t need all that money, but they always want more.
And the fact that we could see Musk become a trillionaire? Well, spellcheck says that isn’t a valid word, which is usually indicative of something so far from normal that even a computer can’t comprehend the scale.
He could literally send the full trillion dollars to the U.S. Treasury to cover the tax breaks for the ultrawealthy passed past year and end up a pauper billionaire.
For people who believe money doesn’t really exist, they sure do want more and more of it.
100% tax on any wealth over 10 million.
I agree… what the fuck is the difference of 10 billion and 110 billion?
If you had 110 billion you could spend 5 million per day for 60 years… why the FUCK does a single person need that amount of money??
Yachts. Lots and lots of yachts. As though you can ride on more than one at a time.
Two yachts at the same time, man.
No lie, if I had that kind of money I’d pay my taxes in full and fuck off to the Bahamas with an entire year of calendar models, and still have money to hook my wife up with all the cabana boys she wants, and still have enough to create scholarships for huge numbers of kids to go to college and still have enough to invest in green energy and vaccines and low-cost insulin and still have enough money to pay for food and medicine assistance to underdeveloped nations and still…
Well you get the idea. It’s a ridiculous amount of money.
The absurdity is hiding in plain sight, but good Christians seem to forget that money is the root of all evil.
To be pedantic, it’s the love of money that is the root of all evil.
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
1 Timothy 6:10
I’m an atheist. I only read the bible cover to cover once, years ago, to figure out what all the hubbub was about, so I may be a bit rusty. I do seem to recall the bit about “love thy neighbour.”
I like the Jesus guy. Almost everyone else sucks.
You only need $1 million for that. “Hey, Peter, check out channel 9!”
I don’t know the limit to how many FDIC accounts one is allowed to have open simultaneously, but I know the insured amount of $250k USD per account. I feel like the interest alone in a few accounts would be reasonable enough for the average American to live off of.
Depending on your investments, the interest and dividends off a few million dollars should be able to sustain someone entirely on its own while still growing in value over time.
You don’t need to be a billionaire for that. It feels like the tax brackets need to go up to 100% after around a million or so in income.
So, slightly above the 1950s marginal tax rate that gave us the society the GOP wants to drag us back into without taxing the rich? That’s a stool with one leg.
If you’re a billionaire, you park your money in offshore tax havens and don’t worry about FDIC limits.
For people who believe money doesn’t really exist, they sure do want more and more of it.
When it’s just a number on a screen it’s easy to treat it like a high score in a game. I think they’d still be that way if it was all physical though
My spellcheck doesn’t recognize exabyte and zettabyte yet either. Same issue of common use and scale.
The market will make what the market will bear. If a whole bunch of SpaceX fanboys decide to buy at the valuation, then it will exist.
Same reason some doofuses thought that a bunch of bits tied to a bunch of other bits that were in the shape of a funky monkey was worth millions and now it’s worth thousands.
I still store my urine, convinced that it will someday be my retirement plan.
Relevant- around 5:45
Sadly, I’m no longer young, so I don’t think my pee will work.
This is with a tonne of loss-making crap bundled in too. On top of the main rockets-that-blow-up business, which is at least predicated on politicians reliably being morons who will pay for rockets-that-blow-up.
Elon Musk’s xAI and SpaceX merged in February, valuing the company at over $1.25 trillion. SpaceX is now preparing for an initial public offering (IPO).
One of the things that Musk has to do to get his trillion dollar pay package fully paid out from Tesla as CEO is to crank up Tesla’s market capitalization. Many people, including myself, would say that this is a pretty wildly unreasonable payout, that Musk, via the aid of a friendly board, is transferring a lot of shareholder assets to himself that a company acting in the interests of its shareholders probably would not. I’ve wondered if this is a gyration to advance that.
Elon Musk Threatened To Quit Tesla Before $1 Trillion Compensation Deal
To receive his full compensation reward, Musk will need to meet the ambitious goal of raising Tesla’s market cap from around $1 trillion at present to $8.5 trillion within a ten-year period.
The only way he’s raising the market cap is by selling the company. Their market share is decreasing rapidly due to him.
It’s truly amazing how a guy almost universally beloved a decade ago has become his own biggest problem. Tesla would be humming along just fine with refreshing models on a cadence, some QA and without Musk.
So, I’d agree that he’s probably not doing a fantastic job of running Tesla as an auto company these days. However, if you consider Tesla to just be an auto company, its valuation is way too high. I think I heard someone put it along these lines a while back, that “Tesla is a solid auto company, but one valued at ten times what it’s worth.” The only way its present-day valuation can really be justified by an investor is if they think that the bulk of the company’s value is going to come from new things that it is doing and that those things will all be wildly successful, like robotaxi service and humanoid robots and all that. The value that would have to come to those for Tesla valuation not to already be wildly out of whack would have to be so large that what Tesla does as an auto company wouldn’t matter that much.
EDIT:
https://money.usnews.com/investing/stocks/tm-toyota-motor-corporation-adr
Toyota: Market Cap: $264.50B, P/E 11.08
https://money.usnews.com/investing/stocks/tsla-tesla-inc
Tesla: Market Cap: $1333.16B, P/E 354.33
https://money.usnews.com/investing/stocks/gm-general-motors-company
General Motors: Market Cap: $65.77B, P/E 24.93
I can say this succinctly: Tesla is going to fucking collapse on a lot of very stupid retail investors.
I mean don’t get me wrong, people can stay irrational longer than you can stay
insolvent, but Tesla legit makes me shake my head. First off, buddy clearly has major major mental problems, yet he clearly controls the board and runs this company as his own personal fifedom, committing all sorts of shit that in any other country and regulatory system would probably nearly have him behind bars. None of this is priced in.Tesla hasn’t innovated from a car perspective since 2020. Everything has been smoke and mirrors and bullshit like the Cybertruck. FSD? I have a Tesla in the garage that couldn’t reliably drive itself automomously down my alley way, let alone in real world situations. Yet the autobots claim it’s driving their cars fully, which is legit absolute bullshit. FSD has gotten better, sure, but it absolutely needs pretty much full attention and thats nowhere close to changing. So was it full driving by the end of year 2016? 2017? 2018? 2019? In six months. 2020? 2021? 2022? 2023? 2024? 2025!!! 2026!!!
So I mean price in robots that are clearly being driven by people, empty promises, a ton of bullshit. Mental illness, infantile behaviour, let’s call a spade a spade, people can do what they want with their money, invest in what they want, but this stock is 100% hype and 0% actual substance. I don’t care what sort of methodology you try to argue it meets. It defies any sort of logic or rationality. So could it hit 20,000? Maybe. Could hit zero. You might as well throw shit at the wall at this point. How it’s worth more than Toyota though, is a sign of how bad this whole downturn really could be.
Their autodrive shit is garbage though and literally no one wants a stupid humanoid robot.
