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The obscenity of wealth


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https://www.dailymail.co.uk/news/article-8544829/Elon-Musk-worlds-fifth-richest-man-net-worth-74-billion.html
 

Elon Musk is now the world's fifth richest man with a net worth of $74 billion as Tesla's stocks continue to rally - and Jeff Bezos added a record $13 billion to his wealth in ONE day

christ on a bike. O.o

BTW, how many Telsa cars has Musk sold to make him the fifth wealthiest person?   

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I don't understand why simply having wealth is viewed as something wrong.  It will be invested providing capital for industry and when they die it will be taxed and passed on to their heirs or favoured causes.  Warren Buffet has a lot of money that he made himself and spends much of his time giving it away.

Self-indulgently pissing it away - Depp & Heard with 40 staff and a dozen houses or the Marquess of Bristol - is the obscenity IMO.

Like a real world Withnail he blew his family's entire fortune on drugs, a new suit every day, and high living.  He left nothing; even the hosue had been given to the National Trust in return for the right to live in a wing of it.

 

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On his 21st birthday in 1975, John inherited 8,000 acres of East Anglia, worth around £4million then, £85million today. With a colossal income thus secured, he immediately set about spending it, settling on a 125ft yacht, the Braemar, as his first significant purchase.

 

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Ultimately, his excesses were to cost him his life - just a handful of years after the helicopter incident, John was dead, his body destroyed by drug and alcohol abuse at the age of 44.

In a saga of riches to rags that horrified and intrigued the British public in equal measure, it was reported that in the years leading up to his death, he had spent around £7million on drugs. Some say the figure might have been even higher.

 

 

image.png.f12eff56ed843319b8e0524911fea6db.png

https://www.dailymail.co.uk/femail/article-1227679/The-Satanic-Marquess-Was-knife-throwing-drug-addicted-John-Hervey-Britains-debauched-aristocrat-ever.html

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2 minutes ago, Frank Hovis said:

I don't understand why simply having wealth is viewed as something wrong.  It will be invested providing capital for industry and when they die it will be taxed and passed on to their heirs or favoured causes.  Warren Buffet has a lot of money that he made himself and spends much of his time giving it away.

Self-indulgently pissing it away - Depp & Heard with 40 staff and a dozen houses or the Marquess of Bristol - is the obscenity IMO.

Like a real world Withnail he blew his family's entire fortune on drugs, a new suit every day, and high living.  He left nothing; even the hosue had been given to the National Trust in return for the right to live in a wing of it.

 

 

 

image.png.f12eff56ed843319b8e0524911fea6db.png

https://www.dailymail.co.uk/femail/article-1227679/The-Satanic-Marquess-Was-knife-throwing-drug-addicted-John-Hervey-Britains-debauched-aristocrat-ever.html

Is that Harry Enfield?  

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4 minutes ago, ccc said:

He was ripped off if he spent £7 million on drugs in a few years. 

You can get royally fucked up beyond belief for £50 xD

 

I think the £7m included delivery; Marquesses do not hang around the toilets of Leith dives.

Or maybe they do.

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1 minute ago, Frank Hovis said:

 

I think the £7m included delivery; Marquesses do not hang around the toilets of Leith dives.

Or maybe they do.

He must have been buying drugs for hundreds of folk to spend that money. 

Delivery and all. 

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If wealth is finite then gross fortunes are obscene.

Now that's a big if.

Most people see wealth through the lens of what they generate Vs. What they earn. Therefore if their boss is filthy rich while they're on NMW its seems a truism that the boss could still be very well off and them keep a little more of the wealth they generate.

 

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34 minutes ago, One percent said:

https://www.dailymail.co.uk/news/article-8544829/Elon-Musk-worlds-fifth-richest-man-net-worth-74-billion.html
 

Elon Musk is now the world's fifth richest man with a net worth of $74 billion as Tesla's stocks continue to rally - and Jeff Bezos added a record $13 billion to his wealth in ONE day

christ on a bike. O.o

BTW, how many Telsa cars has Musk sold to make him the fifth wealthiest person?   

They have sold over a million as of Q1 2020

The made 375,000 cars last year.

They don't make much profit, but income in 2019 was $24 billion.

 

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3 minutes ago, gilf said:

They have sold over a million as of Q1 2020

The made 375,000 cars last year.

They don't make much profit, but income in 2019 was $24 billion.

 

Mkt cap over 10 times income and barely any profit. And it's not like their cars are cheap and they can raise prices a lot. 

Disclosure: I short 0.1 tesla shares 

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1 minute ago, Bear Hug said:

Mkt cap over 10 times income and barely any profit. And it's not like their cars are cheap and they can raise prices a lot. 

Disclosure: I short 0.1 tesla shares 

Indeed, but to be fair setting up a car company from scratch is an expensive business and production and profit is rising exponentially.

I think they only started to make a profit last year, I'd expect their profit will be significantly larger this year.

No suggesting it isn't massively over valued however.

 

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11 minutes ago, snaga said:

need to differentiate between wealth creation (good) and wealth theft (bad). For those creating wealth, the more the better for everyone.

Examples  …

Landlords seeking rent - Bad

Firm selling widgets - Good

What if the  widgets are bought exclusively  by landlords with their rental profits. Good? Bad? 

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26 minutes ago, Poseidon said:

What if the  widgets are bought exclusively  by landlords with their rental profits. Good? Bad? 

this isn't an ethics forum :)

To be good, the widget would have to make the landlords more efficient, so they can reduce rents :)

Edited by snaga
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35 minutes ago, gilf said:

Indeed, but to be fair setting up a car company from scratch is an expensive business and production and profit is rising exponentially.

I think they only started to make a profit last year, I'd expect their profit will be significantly larger this year.

No suggesting it isn't massively over valued however.

 

They sub contracted a lot of their first car development and build to Lotus.

https://en.m.wikipedia.org/wiki/Tesla_Roadster_(2008)

Edited by Option5
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1 hour ago, Frank Hovis said:

It will be invested providing capital for industry and when they die it will be taxed and passed on to their heirs or favoured causes.

Only a) savings aren't really necessary any longer for banks to lend. Money is essentially free to big businesses. Venture capital funds are struggling to find enough new stuff to venture their clients money into.

b) the rich avoid almost most of the tax due when they die. Cameron's dad being a minor example

Something I like about Musk, if the stories of his sleeping on the floor etc are true and not a manufactured image, is that he genuinely doesn't seem to be interested in money. Always a positive. As as result, he is experimenting with things like the hyperloop, that no one else would touch with a bargepole.

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2 hours ago, ccc said:

Something very very wrong with the entire Tesla thing. Then again I'm often very wrong so fuck knows. 

He`s reckoned to be a bit ahead of the rest when the rest as in the current volume manufactures switch their focus Tesla will be on par with railways and tulips

Tessla`s will still be 80K when Toyota will be selling them for 20K

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2 hours ago, snaga said:

need to differentiate between wealth creation (good) and wealth theft (bad). For those creating wealth, the more the better for everyone.

Examples  …

Bankers inflating money supply to give an illusion of wealth to those with holding in large companies - Bad

Landlords seeking rent - Bad

Firm selling widgets - Good

 

FTFY

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14 hours ago, Frank Hovis said:

I don't understand why simply having wealth is viewed as something wrong.  It will be invested providing capital for industry and when they die it will be taxed and passed on to their heirs or favoured causes.  Warren Buffet has a lot of money that he made himself and spends much of his time giving it away.

 

I can't see the logic in anyone having more wealth than they can possibly spend in their lifetime, whilst the rest of the World's population are fighting over the scraps. 

But the alternatives are shite too.:D

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