Top 10 Billionaires lost a combined 83,5B in one day. They're still very fine

[u/GuyWithNoEffingClue]

[u/TheInvisibleHam]

But God forbid we tax them.

[u/GuyWithNoEffingClue → u/TheInvisibleHam]

How cruel of you, they can barely scrape by.

[u/Version_Two → u/GuyWithNoEffingClue]

Because I had to pay for poor kids' school lunches, I could only afford 3 yachts instead of 5 for my summer home!!

[u/GuyWithNoEffingClue → u/Version_Two]

Those parasite kids, eating meals like they've worked for it!

[u/Version_Two → u/GuyWithNoEffingClue]

"Donate to the children's fund? Why? What have children ever done for me." -Mr. Krabs

[u/Senor_Satan → u/GuyWithNoEffingClue]

They create jerbs!

[u/BrianG1410 → u/GuyWithNoEffingClue]

They're going to have to wipe their asses with 50's now 😭

[u/miss-meow-meow → u/GuyWithNoEffingClue]

Where does the money they lost go?

[u/shanghailoz → u/miss-meow-meow]

They didn’t lose any money. Their company stock went down. Give it a few weeks and it will be back to where it was. Won’t see any just as bs headlines about how they gained 83.5B in a day either., only seems to pop up for losses.

[u/goodbitacraic → u/TheInvisibleHam]

We don't need to tax them! It's trickling down! Are you guys not getting trickled on?

[u/GuyWithNoEffingClue → u/goodbitacraic]

What do you mean it's not rain?

[u/AhavaZahara → u/TheInvisibleHam]

If we taxed them 80% of the numbers shown here, we could fix so many problems and they'd still never be able to spend all of it. Not by far.

[u/Dudge → u/AhavaZahara]

https://old.reddit.com/r/SandersForPresident/comments/fnm2ff/after_you_reach_999_million_you_get_a_trophy_that/

[u/olizet42 → u/TheInvisibleHam]

That's communism!

[u/SecretOfficerNeko → u/olizet42]

Communism is sounding pretty good at this point. Even given the propagandized version of Soviet history we get here in the West. I'd gladly take the worst of the propaganda we had on the USSR's economy - waiting in line for bread and living in a small concrete apartment block - if it meant affordable food and stable housing, at this point.

[u/Adamical → u/TheInvisibleHam]

It's too hard so we probably shouldn't bother.

[u/loptopandbingo → u/Adamical]

Once the numbers get big the math just gets too confusing, why even try at all

[u/ieatcavemen → u/loptopandbingo]

But any idiot can see that a big number when its in the form of government expenditure is obvious corruption and must be immediately axed without any forethought.

[u/stevegoodsex → u/TheInvisibleHam]

90% after a billion monetarily, or 10% off the top physically.

[u/FlownScepter → u/TheInvisibleHam]

Once I proposed a wealth cap of 1 billion dollars and got the usual apologist nonsense that we'd be making it so no one would bother starting a business.

Like I'm sorry if you're completely demotivated by the fact that you can ONLY make a PALTRY one BILLION fucking dollars, I think that's a you issue.

[u/HeKis4 → u/FlownScepter]

My take on this is that we shouldn't tax X% of income for the ultra rich, we should cap their wealth instead. You got more than a billion for a year ? Well you're probably not using it then. yoink

This leaves the incentive to earn more intact, unlike income % taxes, but you have to keep the money moving as fast as you're getting it. No hoarding personal wealth that is impossible for a single human to enjoy.

Sure it would be hell to implement and would get "optimized" at every corner, but I think this would be a better system.

[u/klef25 → u/TheInvisibleHam]

Obviously a 10% drop in their wealth in a day based on government action "to make the country wealthy" doesn't phase them. 10% of their net worth per year should be completely acceptable to them.

[u/pearlsbeforedogs → u/TheInvisibleHam]

I only made 18k last year and still had to pay in $227. I'm feeling a bit salty.

[u/Thetman38]

Call me when there are no more billionaires

[u/GuyWithNoEffingClue → u/Thetman38]

You won't expect a call in a very long time sadly. They'll probably enjoy the forthcoming economic crashes to buy every company/house they can to secure their future trillionaire status.

[u/Thetman38 → u/GuyWithNoEffingClue]

That phone won't ring for anything short of a revolution

[u/Murtomies → u/GuyWithNoEffingClue]

Yup, that's definitely their plan. Otherwise they'd be flipping out at Trump. In fact these tariffs are probably their idea.

[u/cat-meg → u/Thetman38]

The most likely way this happens is enough of a wealth gap being created that there are only a few of trillionaires left.

[u/James_Vaga_Bond → u/Thetman38]

Billionaires lost billions, but are still billionaires

[u/renke0]

So sad. I hope it gets worse.

[u/rematar → u/renke0]

So do they. It will be easier to get the broken to conform.

https://youtu.be/5RpPTRcz1no?feature=shared

https://www.msn.com/en-us/news/world/from-maga-to-monarchy-how-tech-billionaires-are-engineering-american-autocracy/ar-AA1zP21d

[u/loptopandbingo → u/rematar]

If there's one thing history has taught us, it's that kings and dictators and their sycophants are totally immortal and never able to be toppled when enough of the peasants are pissed off. When the choice is between "submit and die" and "riot and die", it's gonna be way better to riot.

Even with all their cool tech and killbots, they're still not unbeatable.

[u/rematar → u/loptopandbingo]

The first step is awareness.

[u/le_reddit_me → u/loptopandbingo]

As the french saying goes: "fire will burn even the dampest dumpster"

[u/fightlinker → u/loptopandbingo]

It's so much worse in other countries and they haven't risen up. What makes you think anyone here is going to do anything

[u/loptopandbingo → u/fightlinker]

Has history stopped? Look how bad it was for so long in lots of countries before shit hit the fan.

[u/Undercoverpizzalover → u/fightlinker]

I’d disagree, the USA is by far the best third world country in the world /s

[u/LincolnshireSausage → u/rematar]

Is this why they have been doing their best impersonation of Smaug for years now, so they can lose a lot and still be unimaginably rich?

[u/rematar → u/LincolnshireSausage]

Their money doesn't symbolize currency, like we use it to buy things. It's power. Apparently, they want more.

[u/IRunFast24 → u/renke0]

I get the sentiment, but their day-to-day lives are completely unaffected by tariffs and markets crashing. It's everyday people who will get wrecked by this in the form of prolonged inflation, higher unemployment, and 401Ks getting decimated.

[u/gavanon]

ALL THEY HAD TO DO WAS PAY SLIGHTLY MORE TAXES. BUT NNNNNOOOOOOOOOOO

[u/GuyWithNoEffingClue → u/gavanon]

When you see how much Melon alone lost since December (he was close to 500B!!!), they should have realised it wasn't so expensive to contribute a little.

[u/gavanon → u/GuyWithNoEffingClue]

The sad thing is, given the amount of wealth they have, this isn’t noticeable. But the public have their retirement savings in a number of these stocks, and are watching their retirement go out the window… while the billionaires laugh in their rocket ships, or annexed Hawaiian acres of land.

[u/toriemm → u/gavanon]

What is this, our third or fourth, once-in--a-lifetime economic crisis?

[u/68024 → u/GuyWithNoEffingClue]

Does it honestly make a difference if he has $500 billion or $300 billion?

[u/GuyWithNoEffingClue → u/68024]

It wouldn't even make a difference if he were down to 100 Million. He'd still be in the top 0.1% wealthiest

[u/Mediocre_Scott → u/gavanon]

It’s the principle of the matter. That principle? Greed. Their brains are broke

[u/Extremiel → u/gavanon]

This is a win for them btw. Crash the economy, buy the dip and come out on top. It's the whole idea.

[u/vague_diss]

They’re all going to buy the dip and come out on top. The whole point of this is so these rich fucks can own more of the world.

[u/FoxAche82 → u/vague_diss]

A reverse 'pump and dump' like the crypto shit. A 'drop and shop'? A 'decimate and accumulate' maybe?

[u/GuyWithNoEffingClue → u/FoxAche82]

A 'decimate and accumulate' maybe? The 2008 subprimes crisis and Covid-19 playbook.

[u/vitaly_antonov → u/FoxAche82]

I like 'drop 'n' shop'!

(The expression, not what these fuckers are doing!)

[u/GuyWithNoEffingClue → u/vague_diss]

I really don't understand their mindset. They already quite literally own the world. What more can one possibly want?

[u/deathschemist → u/GuyWithNoEffingClue]

doesn't matter, they want more whether it makes sense or not.

[u/thekrone → u/GuyWithNoEffingClue]

More. More more more.

High scores, dude. The numbers must always go up. If your number is bigger than everyone else's number, you are winning.

Don't think of this as a list of the top 10 billionaires. Think of this as the Capitalism Leaderboard.

[u/vague_diss → u/GuyWithNoEffingClue]

Serfs up! They’ve been ordained to rule the world by the gods just like all the other kings of the past. They have special knowledge and you need to get in line.

[u/TheLostTexan87 → u/vague_diss]

If you don't think they're also short selling the crash and profiting on the way down you're kidding yourself.

[u/Inkstr0ke]

This is why billionaires are so corrupt and so awful for both the country and the entire world.

They are completely isolated from the consequences of their own actions. If anything they stand to profit off of the cheap fire sale they’re about to get on stocks and retail once the economy inevitably crashes. They won’t even notice that $85 billion disappearing; it’s not going to affect their lives at all.

They should not be allowed to exist. They are the malignant cancer of this broken capitalist system.

[u/GuyWithNoEffingClue → u/Inkstr0ke]

They'll be the downfall of our civilization

[u/SlimGooner]

Imagine losing 10 billion dollars and being like “well, that’s annoying.. anyway” and carrying on like nothing happened.

[u/GuyWithNoEffingClue → u/SlimGooner]

Meanwhile, it's the combined annual GDP of the 15 poorest countries...

[u/TxEagleDeathclaw81 → u/SlimGooner]

Yes! That’s insane!

[u/WM_]

Imagine if they just paid taxes instead of targeting unions and funding fascism.

[u/GuyWithNoEffingClue → u/WM_]

But. But. This is socialism!

[u/Tsobe_RK]

If elon lost 378 billion more, he'd still have 100 million

[u/GuyWithNoEffingClue → u/Tsobe_RK]

He'd still be in the 0.1% lol

[u/perskes]

"We gotta bump those numbers up, those are rookie numbers!"

[u/Kueltalas]

Yeah no. On paper they lost money, but in practice they can use the dip to buy more stock so that they have more money than before once the stock markets return to normal. In contrary to us they actually have the funds to buy the dip.

[u/Fuckethed]

Daddy Bezos won’t let you take regular bathroom breaks but doesn’t mind one bit if granddaddy drumph loses him 16 B IN ONE DAY

[u/GuyWithNoEffingClue → u/Fuckethed]

It's the price of ✨freedom✨🤡

[u/Kajaznuni96]

Do we know where the money went? Where did it go

[u/GuyWithNoEffingClue → u/Kajaznuni96]

It's mostly loss of values of their company shares. The markets tanked yesterday because of the 🥭 tariffs

[u/Mediocre_Scott → u/GuyWithNoEffingClue]

Cause money especially their money ain’t real

[u/GuyWithNoEffingClue → u/Mediocre_Scott]

It's the argument they use to elude taxes. But it's suddenly very real when they use it to secure the loans off of which they live their oppulent lives.

[u/Mediocre_Scott → u/GuyWithNoEffingClue]

Loans other than mortgages should be considered income

[u/GuyWithNoEffingClue → u/Mediocre_Scott]

I agree. Using the share you own in a company to make a loan should be considered as gains or the loan as an income. The way they function make them non contributors.

[u/klef25 → u/GuyWithNoEffingClue]

Yes. They declare them as assets to get loans, but if you own a house and use it as an asset (or even not own it because it's mortgaged and you're underwater on it, so the bank actually owns it) you pay taxes on it.

[u/HugSized → u/Kajaznuni96]

The hypothetical value of the company has disappeared.

[u/KeepYaWhipTinted]

Won't somebody please think of the billionaires!

[u/GuyWithNoEffingClue → u/KeepYaWhipTinted]

Poor Zuckie, he was the biggest loser of them all 😔

[u/risingthermal]

You could probably divide Musk’s net worth by a billion and he’d have more in his bank account than like 100 million Americans.

[u/InanimateCarbonRodAu]

The didn’t “lose” money. The stuff they own and control and the bits of paper that represent it just were worth less.

[u/Tenchi2020]

What did they make of shorts

[u/KingRBPII]

They have the cash to buy everything up

[u/[deleted]]

This only scales their wealth. They aren't selling stocks.

[u/vitaly_antonov]

Yes, 'They're still very fine', but nobody talks about the single digit billionaires who might be demoted to mere multi-millionaires. How will they afford food and shelter?

[u/GuyWithNoEffingClue → u/vitaly_antonov]

I honestly don't know how they'll cope. My thoughts and prayers to these poor souls 😔

[u/Hellebras → u/GuyWithNoEffingClue]

They might have to sell their biannual summer vacation mansions! How tragic. To say nothing of the poor yacht companies losing out on an extra sale or two.

[u/GuyWithNoEffingClue → u/Hellebras]

Oh no! Not the yachts 😭

[u/Hellebras]

If ten people can lose more than $80 billion in a day and not have any meaningful effect on their quality of life, then their class shouldn't exist.

[u/GuyWithNoEffingClue → u/Hellebras]

💯 - we need to make it happen

[u/H3xify_]

If this is money they are willing to lose, why not donate that shit to help the ones that need it? All the communities that could be built, countries saved…

[u/GuyWithNoEffingClue → u/H3xify_]

But they didn't even work for it, how can they be sure they deserve to live?

/s

[u/TommyKnox77]

How is Facebook worth anything? Honest question.

[u/DeismAccountant → u/TommyKnox77]

Data. Data to quantify people’s interest for marketing.

A lot of it could also be speculation though.

[u/TommyKnox77 → u/DeismAccountant]

I guess the boomers love it and don't know how to use ad blockers and vpn.

[u/keneno89]

Even if the only have 1B left, they're going to be fine.

[u/your_fathers_beard]

Elon being at the top kind of just highlights how these numbers are made up and have no real, tangible connection to anything in reality...except maybe the fact that idiots dump insane amounts of money, collectively, into meme stocks.

[u/snakelygiggles]

Well, I guess the downfall of America has its positives.

[u/coldypewpewpew]

This is an extremely good position for people with a lot of liquid assets (like billionaires). They will be able to buy shares at pennies on the dollar and make a ridiculous amount of profit.

[u/Tbmadpotato]

Why is Elon musk posed up like he’s in squid games

[u/GuyWithNoEffingClue → u/Tbmadpotato]

He'll be player 001 in season 3

[u/BlunderbusPorkins]

Don’t worry they will somehow get richer from this

[u/Thirstyjack3000]

Sure.

[u/princessuuke]

More... more!!!!!

[u/RedBeans-n-Ricely]

Good. They made that money on human suffering.

[u/RagnarokNCC]

Praying for tidal waves

I want to watch their ground give way

[u/TheXypris]

Elon could lose a million dollars a day for 3 years straight and it wouldn't even amount to 1% of his net worth.

If he lived for another 30 years, he could spend up to 34 million dollars per DAY and not be worried about running out of money

That's the kind of obscene wealth we are talking about here

Billionaires should not exist

[u/iampola]

It’s nothing for them, they don’t care. They will not loose their jobs and their livelihood. If that’s what they need to make people desperate, they are willing to pay a small price of a couple of billions.

No one should be a billionaire

[u/signmeupnot]

Thoughts and prayers

[u/GuyWithNoEffingClue → u/signmeupnot]

Hope God will hear us and save these poor souls 😔

[u/TR_abc_246]

My retirement is basically gone but they are fine. fuck them.

[u/Ananingininana]

What an absolute shower of bastards.

[u/DennisTheBald]

Well, I'm glad they're ok, I was so worried

[u/Sanpaku]

Buffett has a real chance of moving to #1 if he survives the year.

[u/Ok_buddabudda2]

Poor starving billionaires. How will they ever survive this crisis. 😂

[u/GuyWithNoEffingClue → u/Ok_buddabudda2]

More people need to be made aware of their struggles! It's an unspeakable injustice to see this happen in modern days.

[u/jccalhoun]

Elon could lose 99%of his wealth and still be worth over 3 billion dollars. (and yes, weird nerds who defend the mega rich oligarchs , i know much of that wealth is tied up in stock but if that is too much of a cross to bear i will gladly trade him my salary for his stocks)

[u/Nole_in_ATX]

Tragic

[u/Dan_Morgan]

The fortunes of these billionaires fluctuates wildly. This is normal for them and will not impact them in any meaningful way. Once you hit billionaire money become such an abstraction that it loses all meaning. each one of them could lose $83 billion in a day and they will still have more money than they could ever spend. The only difference is it would take them a little longer to get back to there current level of wealth.

No more billionaires.

[u/tyrmidden]

They each lost more than any one of us will see in their lifetimes, but they're not even sweating it.

Disgusting.

[u/GuyWithNoEffingClue → u/tyrmidden]

Some of them lost more in just 1 day than the annual GDP of the 15 poorest countries combined...

[u/Ste-Alex]

Reassuring that even billionaires have atrocious profile pictures

[u/exgiexpcv]

Don't oligarchs hate losing money? Gee, I wouldn't want to be the guy that cost them so much. They are gonna give him a glare that would make Grandpa Simpson proud.

[u/GuyWithNoEffingClue → u/exgiexpcv]

Maybe they're organising "something" 👀

[u/exgiexpcv → u/GuyWithNoEffingClue]

He's looking at getting PIP'd!

[u/duquesne419]

I'll alway remember when the Richie Rich movie came out as a kid. I saw some special where they talked about him being unrealistically rich, and to give a number that would never seem reasonable they estimated his wealth at $88 billion. 30 years ago that was a number so large it was unimaginable a single person could hoard that much wealth, now it wouldn't even be top ten.

Billionaires shouldn't exist, they represent a moral and a policy failure.

[u/GuyWithNoEffingClue → u/duquesne419]

I mean, 25 years ago when Bill Gates ,as the richest man on earth, he had "only" 40 billions so I can totally imagine how unimaginable it seems that someone can have 9 times more.

[u/Mista_Maha]

Won't someone think of the poor billionaires

[u/tjc5425]

I saw posts mentioning how they were losing Billions and I was just thinking...it doesn't matter to them, and this proves it. Musk could lose 200 Billiion, and still be perfectly fine.

Edit: This fact makes me very sad.

[u/GuyWithNoEffingClue → u/tjc5425]

I totally understand. You need to go to the 15th place to find a billionaire that has less than 100B. It's unfathomable unfair, there would need 40 or 50 poorest countries combined GDP to match this kind of wealth and all the power that comes with it.

[u/tjc5425 → u/GuyWithNoEffingClue]

Yeah...i lose $200 in a day and i feel anxiety for the rest of the month...like that's insane.

[u/kvjetinacek]

This Buffet guy. Like he predicted Trump will do crazy shit, making stocks sell beforehand.

[u/Privvy_Gaming]

And if a single one of them lost that, they'd still be beyond fine.

[u/GuyWithNoEffingClue → u/Privvy_Gaming]

True. None of the top10 has less than 110B... 25 years ago, the richest man on earth (Bill Gates at the time) had "only" 40 billions.

[u/WannaBeA_Vata]

I could retire on one-thousandth of the lowest amount any of them lost.

Thoughts and prayers.

[u/yes4me2]

Is it not crazy that you don't see Bill Gates anymore on this list?

[u/GuyWithNoEffingClue → u/yes4me2]

He has the honorable 12th position with "only" 104B

[u/kshippy420]

Buffet can keep all his, I like him but fuck all these other guys

[u/FriendlyIcicle]

Oh no!.... Anyway

[u/NuclearOops]

I'd be happier if they all lost 11 lbs or so in one day.

[u/LaboratoryRat]

They're fine until a mob like the one in Beauty and the Beast comes for them in the night, singing songs

[u/Nek0ni]

i want to believe that, in the most ironic of twist, the annoying orange will actually end the oligarchy by lowering their earning to the point that the mountains of ongoing lawsuits against them will now actually manage to hurt them, and will finish the job

[u/AntiAoA]

They didn't lose anything.

[u/DrunkenDude123]

It’s a bit suspicious to me that Elon only lost 8.7B compared to the others with less invested. Almost like he knew something they didn’t…

[u/Staar-69]

They will now buy up everyone’s assets at a discount.

[u/Jelmerdts]

Oh no

Anyway

[u/drifters74]

Not enough lost

[u/catfayce]

Come on Jeff get:em

[u/AphonicTX]

Yeah and ready to go on a Black Friday spending spree which will turn them into trillionaires.

[u/squidlips69]

I'm sure they're happy that the heat is mostly only laser focused on Elno. Let's change that.

[u/GhostBoo-ty]

Play stupid games....

[u/justor-gone]

all these folks are going to be buying up the stock that the poorer investors are going to be forced to sell when the price is bottoming, and in 2 years they will all be even richer. That's capitalism at work.

[u/DoctorSelfosa]

That's enough for every American alive to get two hundred and forty bucks each.

[u/zeus_amador]

Who cares. People complain when they’re up, and rejoice when they fall. It’s an obscene amount of wealth