this post was submitted on 26 Aug 2023
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If they spent their 'wealth' they'd have to convert their assets into cash, making it income, their wealth is shares in the companies they built. If they sold their shares the prices would tank
Those companies employee millions of people who receive income and pay taxes on it
A top band Amazon dev is earning 1m a year...
Regarding the last point: so it will take said dev just another 185 thousand years to get to Bezos level
Regarding the first, there is a link to explanation about why this is not correct in the infographic
They also get stock options regularly and dividends...plenty of people have started successful businesses after gaining sufficient wealth.
So, if we convince billionaires to sell all of their company slowly it'll all be fine? That's your logic?
A, why the fuck would they do that?
B, the shareholders via the board make the decisions, you think they'll be happy with a CEO who has no skin on the game? And would have to be compensated by fuck tons of cash, which would hurt the business
My logic is that not every "successful business" is worth billions. And maybe there's sense in doing something with ones that are, like split them into several businesses that are not owned by a single person
Definitely. Regulators with no teeth and revolving doors for those with power and influence are the real danger.