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Dial H For Hero

(2,971 posts)
Mon Jul 13, 2020, 10:18 AM Jul 2020

Elon Musk just became richer than Warren Buffett

https://www.cnn.com/2020/07/10/business/elon-musk-warren-buffett-billionaires/index.html

CNN)Tesla CEO Elon Musk just zoomed past Warren Buffett on the Bloomberg Billionaires Index to become the world's seventh wealthiest person. Musk's fortune rose more than $6 billion Friday, according to Bloomberg, after Tesla's stock surged 10.8% to a record $1,544 per share. Its market value stood at $286.5 billion.

Musk owns 20.8% of Tesla's stock, making his stake worth just under $60 billion. Musk is also the primary shareholder of privately held SpaceX, as well as a privately held tunneling company.

Buffett's fortune fell this week after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity — part of his plan to give away most of his wealth to philanthropic ventures.

Tesla's stock is up more than 500% over the past 12 months, exceeding the value of almost every company in the S&P 500. The electric car maker is the most valuable auto company on Earth. The 49-year-old Musk could eventually become the world's richest person — a spot currently held by Amazon CEO Jeff Bezos — based on a pay package that Tesla shareholders approved in 2018.

(excerpt)
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Newest Reality

(12,712 posts)
1. We all pay for the wealthy...
Mon Jul 13, 2020, 10:36 AM
Jul 2020

We all pay for the wealthy in very many, demonstrable ways, especially when it comes to absorbing the environmental and societal detriments and destruction that they can avoid and ignore freely while pretending they are self-made, geniuses, hard working and most of all deserving of enough wealth that you could end world hunger with just a portion of each billionaires mega-stash.

This is a systemic issue and a result of what is being called "capitalism", but you could just label it full on, legitimized exploitation and even, in some cases extortion. I have a sour taste in my mouth from Musk's reaction to being told his company has to follow the pandemic guidelines for employees and threatening to close up shop and move. That's what I mean. How arrogant, inconsiderate and inhumane do you have to be to get all that money and then decide you are a government unto yourself?

The billionaire spectacle is obscene and cruel, no matter what they design and produce. There have been many innovative, intelligent engineers, scientists, etc., who were just as prolific and innovative, but they were working for corporations that retained the rights to the profits. That's the difference.

Look around you folks, especially now. We see obscene wealth that is increasing as we speak, by the billions, every day. Compare that to the rapidly growing numbers of a very large proportion of our country and in the world who are now desperate and destitute. Their numbers are now increasing dramatically and with little hope of any "recovery". The billionaires conquer, thrive and stuff themselves full of more with total impunity while, at the same time poverty also increases manifold and to the point of a societal breakdown.

That is a danger to democracy, freedom and the future of humanity. All for what? A new gadget, gizmo, car, etc. I really don't care about Musk's innovations as much as I do his attitude and what he is representing right now.

 

PTWB

(4,131 posts)
2. Musk is an oddball but there is no denying his contributions.
Mon Jul 13, 2020, 10:58 AM
Jul 2020

Last edited Mon Jul 13, 2020, 02:45 PM - Edit history (3)

Tesla made electric vehicles cool and pushed the envelop on self-driving technology. This will save countless lives from future pollution reduction and, eventually, near elimination in traffic related injuries and fatalities.

SpaceX has changed the way we send satellites and astronauts into space with their highly effective, reusable rockets.

StarLink will bring high speed, low latency satellite Internet to the entire globe even in the most rural and impoverished areas that will never see high speed wired connections.

Champp

(2,114 posts)
5. At least taxpayers don't have to pay for his Billionaire Golf
Mon Jul 13, 2020, 11:44 AM
Jul 2020

like we have to pay for Republican Wanker-in-Chief Dirty Donny's Billionaire Golf.

Always look on the bright side.

lpbk2713

(42,753 posts)
7. Buffett probably just yawned.
Mon Jul 13, 2020, 01:10 PM
Jul 2020


After your first Billion it probably just doesn't matter much where you stand.

Baked Potato

(7,733 posts)
18. I admit I had to look him up, now I remember.
Mon Jul 13, 2020, 05:43 PM
Jul 2020

There is a movie with Michael Douglas, The Game, I think it is. The movie is about a rich guy and his fears. Pretty good movie. I think losing his money was his biggest fear. 😬

hunter

(38,310 posts)
10. We ought to tax the billionaires out of existence.
Mon Jul 13, 2020, 03:20 PM
Jul 2020

Most of them are not making the world a better place and those that are would still be pursuing their dreams if they were merely multi-millionaires.

There's something rotten in our culture when we praise billionaires for their "charity."

Making sure everyone has healthy food, safe comfortable housing, appropriate medical care, and a good education is something government ought to be doing. Protecting the environment is something government ought to be doing. Medical research is something government ought to be doing. Raw scientific research is something government ought to be doing.

Etc., etc., etc.

Elon Musk doesn't do anything for me. Some of his SpaceX projects I find interesting, but overall I think he's not contributing much to human progress. Manned space flight beyond low earth orbit, the automobile culture, and imaginary solar powered high energy industrial economies do not make the world a better place.

If someone gave me a Tesla automobile, solar panels on my roof, or a ticket to ride into space, I'd give them away like a hot potatoes to someone who cared.

Initech

(100,063 posts)
13. Seriously, if you have a billion dollars, you already won capitalism.
Mon Jul 13, 2020, 04:18 PM
Jul 2020

Any more than that and you are just adding to the pile that you'll never be able to spend in an entire lifetime. And all the houses and cars and boats and jets you can own won't add to squat when you can't take it with you.

tinrobot

(10,895 posts)
11. Mostly on wild speculation.
Mon Jul 13, 2020, 03:26 PM
Jul 2020

Buffet built his fortune over decades of prudent investments. His fortune is very secure.

Musk's fortune is mostly because people are betting Tesla will be the largest car company ever. I find that to be a bit hopeful, to say the least. Currently, Tesla does not have the sales to back up the high valuation of the company.

tinrobot

(10,895 posts)
19. Did I say he was interesting? I said his fortune is more secure than Musk's.
Tue Jul 14, 2020, 10:16 AM
Jul 2020

But he does play the ukulele, which I do find interesting.

BannonsLiver

(16,369 posts)
20. What makes Musk interesting?
Tue Jul 14, 2020, 10:35 AM
Jul 2020

For anyone not a Tesla fanboi or not into libertarian super douche’s?

Blecht

(3,803 posts)
16. He's had a nice vaporware scam going for years
Mon Jul 13, 2020, 04:31 PM
Jul 2020

"Six more months and you will get an update that allows for full self-driving capabilities, but only if you sent me $$$$$ now!!!"

He has not delivered and still rakes in the dough -- very lucrative business model.

Fucking con man.

ProfessorGAC

(64,998 posts)
17. Bizarre
Mon Jul 13, 2020, 04:34 PM
Jul 2020

Their net income for 2019 was negative $650 million.
Their Trailing Twelve Months is positive $50 million on $26+ billion in revenue.
So, for the first time, they are turning a profit, but the above is a profit margin of under 0.2%.

(Net Income numbers taken from income statement at Yahoo Finance)


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