For now, he does have that yes, but his wealth is for a significant portion a house of cards built on the value of tesla stock.
If the value of that stock falls far enough, lenders who gave him loans with tesla stock as collateral could margin call him, essentially asking for more collateral.
That could make him the poorest person in the world quite quickly, i.e. billions in debt.
While you’re absolutely correct, even if Musk lost 99.7% percent of his wealth he would still be a billionaire (depending on whose net worth number you choose to use). I wouldn’t hold out seeing him in a bread line or starting a gofundme.
The real question is whether the collapse of his house of cards will lead to a 99.7% loss of wealth or >100% loss. He won’t be a billionaire anymore if it’s the latter.
I’d also be surprised if no one goes after him for trying to run away from debts. If we know anything, it’s that most laws only apply when they benefit the rich, and he’ll be making a lot of rich people angry if it turns out he did have extra money squirreled away.
For now, he does have that yes, but his wealth is for a significant portion a house of cards built on the value of tesla stock. If the value of that stock falls far enough, lenders who gave him loans with tesla stock as collateral could margin call him, essentially asking for more collateral. That could make him the poorest person in the world quite quickly, i.e. billions in debt.
While you’re absolutely correct, even if Musk lost 99.7% percent of his wealth he would still be a billionaire (depending on whose net worth number you choose to use). I wouldn’t hold out seeing him in a bread line or starting a gofundme.
huh. showerthought:
broke: gofundme woke: sell shares/stocks bespoke: have your company subsidized by the state
The real question is whether the collapse of his house of cards will lead to a 99.7% loss of wealth or >100% loss. He won’t be a billionaire anymore if it’s the latter.
Yeah, he probably will. I know I’d be surprised if he didn’t have money squirreled away somewhere.
I’d also be surprised if no one goes after him for trying to run away from debts. If we know anything, it’s that most laws only apply when they benefit the rich, and he’ll be making a lot of rich people angry if it turns out he did have extra money squirreled away.