11mo ago

World’s billionaires see $134 billion swiped from their fortune overnight in share price bloodbath, led by Jeff Bezos

fortune.com

51 comments

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.
  
  Capitalism has been with us since basically the beginning of humans if you think about it. The odds of it dying is about the same as you winning the powerball lottery 6 times in a row.
- 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.
- Since the economic system gone fully electronic there is nothing which can stop adding another 0.
  
  You cant add another 0 to bitcoin unless you figure out how to convince more than 51% of miners to do it, the majority of users, and not collapse the price at the same time.
"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.
a final gesture of good will to the people of this little planet that have given... sputters ... from whom I have taken so much.
- 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.
- Gotta have money to invest to invest.
  
  I hear if you just don't eat avocado toast and put $20 in a saving's account every week from when you turn 18, you can invest in Bitcoin and become a billionaire.
  
  Fuck. What a scam.
  
  Just buy some. Duh
- I don't really know what any of that means.
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!
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51 comments