Hi comrades, I'm new here, how do we feel about posting Mastodon content on Lemmy?
this post was submitted on 14 Jun 2023
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I’m not sure how to edit comments so I’m adding this… I agree with the sentiment and how insanely low the minimum wage is. But these billionaires don’t actually have the amount of money most people believe they have. Functionally, it’s nowhere close.
What do you mean by this?
If you have $10 billion is STOCKS (which is what ALL of these billionaires have, NOT cash)… then even if you sell your stocks you’ll end up with WAY less because of how the stock market works. Also taxes.
Let's say you only get 10% of the value, which is a massive stretch. What's 10% of $10 billion? $1 billion. That is still an absolutely insane amount of wealth.
The point "they don't have as much as you think" is meaningless, because the amount they do have is still exceptional. There's no functional difference past a certain threshold.