this post was submitted on 15 Jan 2024
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[–] CobblerScholar@lemmy.world 11 points 8 months ago (1 children)

Lost more money than anyone ever has ever and is still the richest human alive. Howzat for fucked

[–] kureta@lemmy.ml 3 points 8 months ago

They don't even lose money. Those huge figures that keep changing are literally imaginary. For example, let's say I have company and I make it publicly traded. I keep 100 shares and sell 100 shares for a dollar each. some guy buys 1 then sells it to someone else for $10. Now I have $1000 because each share is valued at $10 now. A few days later some other guys sells his 1 share for $5. Now I have $500 and I've lost half my money overnight. And during all this up 1000% down 50% advanture only $115 changed hands. There has never been a 1000 or even 500 dolars.

If I wanted to sell. my 100 shares when it was 10 a piece I wouldn't be able to do so, because as soon as I start selling shares on mass it would lose its value. But I can show it as collateral and get credit from a bank. I didn't create any value but now I have lots of cash. The more I think about it the more pissed of I get.