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(54,874 posts)
13. I see Blackstone at the top of the list
Tue Oct 31, 2023, 08:10 AM
Oct 2023

They bought out a company that two of my friends owned a 12% interest in. They had owned it for a very long time, and had a hand in structuring it and making it run solidly, but never had a say in its day-to-day operations. It is sort of a niche outfit, but a very large niche. Blackstone bought it for half a billion dollars, and the head guy, who owned about half of it, is now set for life. After taxes, he now suddenly has $200 million to play with, and my two friends suddenly have, after taxes, about a quarter of that each.

I can't even conceive of having that kind of money free and clear after having paid all taxes due. I know one of them set up two charitable foundations, one for helping kids struggling with drug addiction (one of his was), and the other for promoting and furthering education in Texas (we could use it). He figured (like I would have), what am I gonna do with it? Wait until I die with it? What the others are doing, I have no idea. But since the company that Blackstone took over can only survive if it maintains the highly-paid experienced guys working there, and seems to be firing the knowledgeable ones in favor of younger, inexperienced ones (they're way cheaper), I see a possible parallel to what happened with Twitter. MAYBE this outfit was really worth $500 million--I have no idea how one comes up with these numbers--but if their new management continues its ways, it soon will no longer be worth anywhere near that. Y-a-t'il un pilote dans l'avion?

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