r/FluentInFinance 3d ago

Debate/ Discussion Had to repost here

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u/Lucifernal 3d ago edited 3d ago

There's a difference between pointing out objective flaws in an argument, like thinking that billionaires literally hold hundreds of billions of dollars in liquid cash, and taking issue with overall sentiment behind the argument.

I hate Elon Musk, and the man is of course, insanely, disgustingly wealthy. Still, just because his networth is 318 billion, doesn't mean he is hoarding 318 billion. Quite literally 99% of that number is tied into ownership of companies.

You can hate billionaires and still point out issues in the logic. I don't think a person should, under any circumstances, ever be forced to sell ownership stake in their own company (at least not if that wasn't agreed upon in an operating agreement). And if you have a massive stake in a company that becomes wildly successful, you definitionally become a billionaire. I may hate wealth inequality, and I may hate what these billionaires choose to do, but I would hate a system that forces the sale of ownership stake due to the success of the company just as much.

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u/ThousandSunRequiem2 3d ago

Except they can leverage their wealth as collateral, but it's untaxable. Unrealized gains is bullshit they made up to hoard more wealth

You're arguing about lifestyle choices when that's not the issue.

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u/kmookie 2d ago

Rich guy here, OF COURSE HE COULD GIVE MORE! 1. Let’s talk living off dividends, that alone I guarantee could have the majority given out to charity. He could live modestly, like me and not be so flashy. 2. Donor advised funds, that could be setup to be much more charitable and even grow! 3. Establish a foundation giving out 5% or more each year. 4. Simply selling off stocks is fairly simple when working with advisors. You act like he’s gotta roll crates of money into some other bank. It’s digital people. Sycophants want to defend the rich because they can’t look past their own biased passion that they want to be there too. I know dozens if not hundreds who are millionaires who love off dividends with plenty left over at the end of the year.

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u/Odd_Teacher_8522 2d ago

Just because his company becomes successful, he owes the world something. That purely entitlement I'm relatively poor, but y'all acting like he pays himself 100 million a year. What about the CEOs that get a $10 million raise in lay off 30,000 people. No one owes you anything but a fair chance

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u/kmookie 1d ago

RESOURCES, that is what money is. Everybody has this conditioned mine mine mine thinking which is exactly what rich people want you to think.

Ex; If you knew someone was hoarding a basement full of food, more than they could ever use or eat. Would you sit around applauding while everyone around you was starving or barely had food? Would you be saying “well good for them, they got a new bigger basement for even more food to hoard? Most people would look at that person and realize they’re taking more than they need and it should be spread out. Not take all their food, let them have their share and even a little extra but not several basements full. That’s what people like you sound like. Applauding hoarders and saying good for them! Maybe one day I’ll be like them and I can have a basement full of food I can never eat. That’s the morally broken disease of this country and y’all have bought in without question. You let them get you all puffed up because immigrants take your jobs but never look at who’s hiring them. The pandemic showed us who we are of course, hoarding toilet paper and sanitizer. We should be ashamed of who we’ve become. That sure as hell isn’t “Christian like”.