Of America’s billionaires, Tesla, SpaceX, and newly minted Twitter CEO Elon Musk saw his fortune diminish the most. Musk’s net worth dipped by about $115 billion this year, according to Forbes.
Title: Founder and chair, Amazon
Estimated 2022 losses: -$80 billion
Net worth: $106.8 billion as of Dec. 27
Title: Co-founder, Meta Platforms (Facebook’s parent company)
Estimated 2022 losses: -$78 billion
Net worth: $42.7 billion as of Dec. 27
Title: Co-founder and board member, Google
Estimated 2022 losses: -$40 billion
Net worth: $76.8 billion as of Dec. 27
Title: Chair, Nike
Estimated 2022 losses: -$18.3 billion
Net worth: $45.2 billion as of Dec. 27
Title: Chair emeritus , The Estée Lauder Companies
Estimated 2022 losses: -$9.8 billion
Net worth: $22 billion as of Dec. 27
Previous discussion on Tesla:
Tesla getting obliterated
13 responses |
Started by metmike - Dec. 20, 2022, 6:44 p.m.
please allow me to explain why this is misleading. i know we hear this every time markets dive. someone lost X amount of wealth.
here is the problem. lets say i am going to sell a book to metmike. i want to sell it for 20 bucks, but he instead will pay only 10 bucks. if the price of the book went down 10 bucks, then NO there was Not 10 dollars of wealth that was "wiped out", or "disappeared"... at the higher price, there would be 10 bucks more in my pocket, not his. but at 10 bucks lower, then there would be less money in my pocket, but more money in his pocket. the amount of wealth did NOT change.
same thing if it is a share of GE stock or a share of Tesla stock. if the price went down, then there is less money in musks pocket, but more money in someone else's pocket. but the total "wealth" in society did not change.
there was Not somehow less wealth total in society, just a change in who has it.
so if musk now has less, then in a wierd way someone else has more. (but the total wealth did not change) and btw, it is really bad for me to grossly overpay for what he is selling.
Not sure I follow you on this?
But if I buy stock for say $1000 a share?
You buy the stock from me at say $500 a share?
Joe buys the stock from you at $250 a share?
And sam buys stock from joe at $125 at share?
And mike buys stock from joe at $50 a share?
I believe someone lost some wealth? Probably more one has lost wealth?
But, I am simple minded.