You must be annoyed A LOT these days. It seems that spending a lot of money on nothing is the latest trend for these people.
Comment on The Big Short Guy Just Bet $1 Billion That the AI Bubble Pops
chunes@lemmy.world 3 days ago
Some guy spending a billion dollars on pretty much nothing makes me deeply uncomfortable. Tax billionaires.
cley_faye@lemmy.world 3 days ago
dan1101@lemmy.world 3 days ago
But spending it on their own terms. They would spend $100,000 on lawyers and lobbying to avoid paying $20,000 of new taxes.
thatonecoder@lemmy.ca 3 days ago
Because it sets a precedent. If the $20k taxes go through, why not some $120k ones in the future? At the very least, this is their logic.
sugar_in_your_tea@sh.itjust.works 3 days ago
Good thing Burry isn’t a billionaire, he’s a fund manager.
Gold_E_Lox@lemmy.dbzer0.com 3 days ago
true, lucky he is only worth hundreds of millions…
BombOmOm@lemmy.world 3 days ago
Capital gains are taxed. Profits from this are capital gains.
echodot@feddit.uk 3 days ago
He famously isn’t rich. He manages the money of the rich, he himself is only well off. This isn’t his money he’s investing, it’s the money of the people he works for. So there’s obviously some market feeling that this is a good bet.
BackgrndNoize@lemmy.world 3 days ago
He’s a multi millionaire, that’s far more than just well off
sugar_in_your_tea@sh.itjust.works 3 days ago
Yeah, I read that he has somewhere around $300M. Not a billionaire, but not poor.
merc@sh.itjust.works 2 days ago
Also, the way short positions work is that the people who are most successful at shorting a stock are the ones who have a megaphone to announce they’ve shorted the stock. They go on as many podcasts, news shows, interviews, etc. as possible to say things are going to crash. Because, the more people who hear about it, the more hesitation there will be to invest, which means the more chances of their prediction coming through.
So, he’s not just some guy who is betting on the bubble bursting, he’s a guy who is now heavily incentivized to cause the bubble to burst so he can make his investors a lot of money.