How many “billionaires” actually have a billion dollars to spend though? They usually are “worth” a billion dollars through stocks they can’t sell, with a couple of million in the bank
Except that they do just that by borrowing money against their stocks, which also incidentally allows them to avoid paying taxes. That’s how Musk bought Twitter.
This is like saying “they don’t actually have that much oxygen. They’ve got it compressed in massive liquefied tanks. You can’t breathe liquid oxygen, so it doesn’t really count as breathable air. So nevermind that a billionth of the population controls 50% of the oxygen on the planet because the actual gaseous air they breath on the day to day is just an extremely comfortable level of oxygen.”
How many “billionaires” actually have a billion dollars to spend though? They usually are “worth” a billion dollars through stocks they can’t sell, with a couple of million in the bank
Except that they do just that by borrowing money against their stocks, which also incidentally allows them to avoid paying taxes. That’s how Musk bought Twitter.
Yup, their latent wealth grows faster than what they borrow to use as actual spending, they literally don’t spend money, they accumulate it
This is like saying “they don’t actually have that much oxygen. They’ve got it compressed in massive liquefied tanks. You can’t breathe liquid oxygen, so it doesn’t really count as breathable air. So nevermind that a billionth of the population controls 50% of the oxygen on the planet because the actual gaseous air they breath on the day to day is just an extremely comfortable level of oxygen.”