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If I made 29B in one morning, I’d fuck off and will never be heard of again in the news.
Hell, if I got 1/1000th of that I would do the same lol.
Isn't that crazy? Any one of us would have more money than we knew what to do with, with only 1/1000th of his profits today. That's how tipped the scales are in capitalism these days.
I remember learning recently that if we magically confiscated 99.9% of the wealth of the top 100 richest people in the world, all of them would still be in the top 0.01% of the world's population wealth-wise.
Just insane.
The 29B would go away if he fucked off, and probably then some.
It's not actually real money, it's estimated net worth based on stock ownership in Meta, of which Mark Zuckerberg is a large enough shareholder to have his actions directly impact its perceived value.
If he quits today, the stock likely tanks. Making an exit and keeping the money in his position is a complicated and delicate affair.
If he quits today, the stock likely tanks.
If he quit today I'd immediately buy the stock.
He's the sole reason I don't own it and never have.
They have some of the best engineering talent among the big players, but he's kind of terrible at product vision and historically supposed to be a micromanager.
As an example, I recall discussing a dislike button with an employee a decade ago. No public indicator, just telling the algorithm "I don't like this" to balance the public "I like this". Allegedly, that was infamously a no-go from the very top.
Fun fact: when training an AI on data, the gold standard is to have both positive and negative reinforcement metadata.
I've often wondered what it would have been like to be a fly on the wall when his ML engineers were explaining to him just how valuable it would have been to have over a decade of both signals from billions of people when they were shifting gears into competing with OpenAI/Google on AI.
Pretty much what the founder of MySpace but I think back then he made a lot less than 29B
Eat the rich. Regulate monopolies
beautiful and moral
Monopolies LOVE regulations.
Unless the EU makes them, in which case it actually does something(GDPR, DMA)
Yes! They use their monopoly money to buy rules that suit their needs!
i hate capitalism
Meanwhile, I lost $4 in my $10 investment of a random bank. I'm so bad at investing.
Pretty much everyone is bad at picking stocks. You should just stick to index funds.
$29 billion of monopoly money, this money is pure speculation
Jup, people don't realize that he needs to sell Facebook to realize these gains. And pay tax on that. At this level of wealth, companies are not about earning money but having influence and power.
He doesn't need to sell, no.
It's collateral for a low interest loan.
Look up "buy borrow die" on a search engine.
On Friday, shares of Meta (META) jumped more than 20% on the news of a quarterly dividend of $0.50 per share to be paid out on March 26 to shareholders of record as of February 22.
Let me get this straight: Meta said that for every stock you have month from now you will get $0.50 two months from now and people started buying like crazy. So basically people are betting that they will be able sell the stock right after Feb 22 before it loses more than $0.50? Am I getting this right? This system is so fucked up...
No, the idea is that a stock that previously never provided a dividend now suddenly is.
This means that now their stock may meet criteria for certain types of institutional investment holdings that look for or require dividends.
At this point, a lot of the stock market is traded less on "the market thinks this company will do well" and more "my algorithm thinks other algorithms will value this stock in a given way."
For example, IIRC the majority of trade volume is after hours, meaning that while the markets are closed to main street investors is when the value of companies is really being decided between brokerages and institutional investors.
While not entirely a rigged game because companies actually doing well does tend to result in net price increases, a significant portion of the money to be made in the stock market is unequivocally rigged.
The stock market is a ponzi scheme. More news at 11.
So basically people are betting that they will be able sell the stock right after Feb 22 before it loses more than $0.50?
Not necessarily. With all it gained, they can even sell tomorrow. Or at any point before it takes the next massive hit.
I like to write covered calls
This is the best summary I could come up with:
Mark Zuckerberg’s net worth increased by more than $28 billion between your morning coffee and your lunch break.
The Meta founder and CEO — who is already worth more than $140 billion, according to Bloomberg’s billionaire index — has cleaned up from Meta’s share price skyrocketing over the past day, after the company announced its first-ever cash dividend program.
Zuckerberg owns about 350 million shares of the company, according to the US Securities and Exchange Commission
Unless he sells or buys more shares of company stock, and assuming the quarterly dividend remains at the same level, Zuckerberg will also gain off of the company’s dividend payouts to the tune of approximately $700 million per year.
This upswing plasters over potential harm to Meta stock after Zuckerberg, alongside other social media company heads, testified Wednesday before the Senate Judiciary Committee about the risks their products pose to young people.
Zuckerberg apologized to the parents in attendance, who say their children were victims of social media.
The original article contains 323 words, the summary contains 164 words. Saved 49%. I'm a bot and I'm open source!
Step 1: Layoff thousands of employees,
Step 2: Buy back your stock in order to juice the numbers before earnings
Step 3: Utter the word “A.I.” on CNBC a couple of times.
Step 4: Watch as the Market Makers (who are net long your stock) abuse their privilege to boast a single day gain of $200,000,000,000 (two hundred billion dollars)