He's gone from $30b to almost $300b in like 18 months. From April 2020 to April 2021 he made $383m... EVERY DAY. He had a 5 day stretch where he made $39b. Poor him having to pay $11b.
As much as I find Elon annoying, I also find it annoying when people use his net worth and statements surrounding that in their retorts.
Yes but the contextualizing is deceiving in its self, and was my point. He may be "worth" 250 billion or whatever at this moment in time, but he will likely never see anywhere close to that amount. It's just as possible he goes back to being worth 27 billion in a year from now like he was prior to 2020. Now that 4.5% becomes 45%, net worth can change real fast when its all wrapped into an overblown stock. And its a farce to use phrases like he made "36 billion in one day", when you own millions of shares of one company its not like you can login to your Charles Schwab account and sell it all right then and there. Now he can fuck off with whining about paying taxes and governments when he was probably the largest single beneficiary of pandemic related fiscal stimulus and monetary policy.
spent most my life hearing about how bill gates isn't really that wealthy its all stock while he gets wealthier and wealthier and is building super yachts
He's worth that much when he can borrow whatever the hell he wants to borrow from Wells Fargo or wherever at super low interest rates with his stock as collateral. That sort of thing fixes his liquidity issue immediately.
That’s fine, you can disagree with me. I wouldn’t classify what I’m doing as defending Elon purely pointing out the truth. What she said sounds good to the masses but the reality is slightly different. Additionally the difference between Gates and Bezos is there companies actually make money and aren’t insanely overvalued. I’d expect Elons net worth to probably halve in the next few years.
You are right he can borrow significant amounts of money, millions if not several billion. He just will never see what his “net worth” says in my opinion.
the point is you're focusing on adding nuance that isn't remotely important. no one is 100% liquid so it's just a captain obvious remark that mostly comes from the odd conventional wisdom that exists in stock bro circles. he can have tens of billions of liquidity basically instantly, whenever he wants.
everyone on this site has likely multiple aspects of their net worth they can't access with any immediacy or without massive penalties (decreasing their net worth from top line)
Well shit, if Elon Musk is really only worth $130 billion, then this $11 billion tax bill on realized gains is outrageous
House liquidity and retirement being the most obvious examples. That's like, most people. Definitely not reserved for billionaires.
Difference between a software company and a car company that is already priced at a market cap of all the other major car companies combined. If they figure out FSD that may change but right now that’s 10k gimmick they get people to pay, and I don’t see that changing anytime soon.
Haha again, not my point, I’ve said multiple times Elon complaining about taxes is annoying. I just said using his net worth in her examples is slightly deceiving and annoying to me personally.
I did a Harvard case study on Google's acquisition of Youtube around 2010/2011. At the time it was almost universally viewed as a terrible decision because there wasn't a way to monetize it at all. I'm not saying Tesla is Google but I am saying Google was losing money for years and acquiring things that seemed stupid at the time and investors and experts questioned how they would ever be profitable. I don't put much stock in that. No pun intended.
are you a billionaire? do you get mad when people look at your total net wealth and not what is liquid? im so confused why it'd be annoying to you personally
Elons crying about govt spending is drastically more annoying then him boasting about his taxes paid. Thad shit grinds my gears
The difference is one company requires factories and assembly lines to produce a product, relies on mineral extraction commodities, etc. there is only so much of a margin they can squeeze out of things. Unless they can be the anomaly and sell their car to pretty much everyone (ex Apple) or the fairytale of self driving becomes a reality, I’m fairly certain their market cap will correct accordingly.
especially when that spending had his net worth go from 27 Billion to 300 over the course of 2 years.
nope I used to be the guy that would argue with Gallant Knight in here like 4 years ago, well versed in the company and the reality is they are a car company first and everything else is window decoration.
It’s an EV car company which is the key difference and we just went through the loosest fiscal and monetary period in decades. It’s a bubble, go look at Rivian or Nikola those companies don’t do the “other things” Tesla does and Rivian is already the 3rd largest auto maker by market cap, or was until a month ago. They haven’t even sold a 1000 cars yet.
One might think there's a reason for that valuation beyond a bubble. A reason that Ford is following suit.
Right. And the sole reason SpaceX is business and that's Govt funding. Also, Tesla stayed afloat mainly due to selling federal subsidies and Cali Tax breaks. His hypocrisy isn't surprising, but maddening no one calls him out on this shit when he's saying it in interviews.
I could play that side of the coin, but I think it’s far more likely the stock is in a bubble. Only fundamental thing that would change that is self driving but again, having followed that storyline for a while I think it’s going to take longer than most believe. Its not a stock I would own at these prices as it’s priced for insane levels of growth and perfection, but that’s what makes a market and someone out there disagrees.
I wouldn't either but a lot of people were saying the same thing several hundred percent growth ago. Profitability doesn't really matter in companies like this.
"There's no way an underground road could ever get congested" Now show what happens when there is an accident in the single lane tunnel