I was brought up the lower middle class way where I was taught not to put importance in money and that people can go from riches to rags in no time… But as I grew into adulthood I see posts like the one above and the whole riches to rags are just fairytales told by our poor parents to make us feel better about our situation.
Elon and the other oligarchs hardly loose sleep or their lifestyle because half their value is slashed… they still have more than enough in their bank accounts to weather a recession however long.
This is why I don’t trust net worth based on equity..
Sure Bernie Madoff and other Ponzi schemers may have had their wealth taken away after the fact and are rotting in jail… but it doesn’t change the fact that they had been dipping their toes in the blue Caribbean waters at the expense of other people who might never get to see the Caribbean in their lifetime.
They had/are having their fun even if they lost $60B.
What I care about is: how does my lifestyle get better by them losing money… there is no transfer of wealth here.