World’s billionaires see $134 billion swiped from their fortune overnight in share price bloodbath, led by Jeff Bezos
World’s billionaires see $134 billion swiped from their fortune overnight in share price bloodbath, led by Jeff Bezos
The net worth of all 10 of the richest people in the world sunk by at least $1 billion.
They'll get it back. Dips are only ever temporary and markets always go up, over time. This will be true forever, until the heat death of the universe.
The implication that capitalism will be with us until the heat death of the universe is soooo depressing.
capitalist realism
I think capitalism's resilience has surprised a lot of people. Although, maybe it shouldn't have. As long as capitalism is able to make some people unfathomably wealthy, there's no reason to believe it's going anywhere.
That's only true for as long as growth under capitalism is possible, and until we have access to infinite resources, infinite growth is not possible.
I suppose it will have to stop growing eventually, but who knows when that will be. I don't think anyone knows where the limits to growth are. By many estimates we are already exceeding some ecological boundaries, significantly, in some cases, yet growth continues more or less unabated. I don't expect I'll see an end to growth in my lifetime.
"swiped from their fortune"... If my 401(k) fell in half overnight, the media wouldn't say it was swiped from me, they would say my retirement saving has "sagged" or somesuch.
For us old-timers, it reminds me of this scene in the Carl Sagan movie Contact where the ultra-rich SR Hadden played brilliantly hy John Hurt is talking to Jodie Foster's character, Dr. Arroway.
Holy shit my 401(k)s went down by around 8% which means Fortune article on me when‽ I lost more than Bezos!
His character hilariously still did more with his money for Earth than the real life billionaires. "Why build one, when you can build two for twice the price??"
The terms we usually use are "wiped out". It happens fairly often
...And yet they are all still billionaires.
Remember this in the future when you hear these people complain about higher taxes, they weathered this "loss" quite easily. So they can weather the "loss" of some of their wealth to actually support the country that allowed them to make billions in the first place.
Bulls make money, bears make money, pigs get slaughtered.
Buy low you apes.
Wait...is money fake?
Imaginary bullshit, at least this part.
And yet he still has so much money that if any one of us picked up a $20 bill every second for our entire lives, we still wouldn't come close to having the amount of wealth he has.
It's just obscene.
Wake me up when all billionares have lost so much money there are none left.
Awww poor fucking diddums. Won't someone think of the multi billionaires?
That's a good start.
That's not even a start really.
A teaspoon of progress. Now grab a shovel.
Paywall removed https://archive.is/s9SGG
Good.
Stocks are on sale, that's all monied folks see.
I only pray it was a literal bloodbath.
What’s more, a report from the Labor Department indicated the U.S. economy added around 61,000 fewer jobs last month than expected.
Plus, with unemployment at 4.3%—the highest since October 2021—concerns of a looming recession are getting louder.
Yet they kept telling us we were fools for not believing their "strong economy" stories.
Buy the dip!
Fortune Magazine - News Source Context (Click to view Full Report)
Information for Fortune Magazine:
MBFC: Right-Center - Credibility: High - Factual Reporting: High - United States of America
Wikipedia about this sourceSearch topics on Ground.News
https://fortune.com/2024/08/05/billionaires-134-billion-wiped-from-fortunes/