Carawou@lemmy.world to Today I Learned@lemmy.worldEnglish · edit-216 hours agoTIL that Elon Musk controls 90 companies. When he buys land, when he orders food, or when he gives money to politicians, he uses shell companieswww.nytimes.comexternal-linkmessage-square36fedilinkarrow-up1538arrow-down16file-text
arrow-up1532arrow-down1external-linkTIL that Elon Musk controls 90 companies. When he buys land, when he orders food, or when he gives money to politicians, he uses shell companieswww.nytimes.comCarawou@lemmy.world to Today I Learned@lemmy.worldEnglish · edit-216 hours agomessage-square36fedilinkfile-text
minus-squareMagnificentSteiner@lemmy.ziplinkfedilinkEnglisharrow-up23·14 hours agoHe also doesn’t live off any income. His liquid cash comes from loans against assets which aren’t taxed like income.
minus-squareanon_8675309@lemmy.worldlinkfedilinkEnglisharrow-up4·6 hours agoThis is how they all do it.
minus-squareTempus Fugit@lemmy.worldlinkfedilinkEnglisharrow-up27·14 hours agoAlso, this is how all rich people live.
minus-squareViking_Hippie@lemmy.dbzer0.comlinkfedilinkEnglisharrow-up22arrow-down1·13 hours ago this is how all absurdly rich people live. The difference between a million and a billion dollars is roughly a billion dollars. Likewise, Danny DeVito is rich enough to afford a good house and car, but not rich enough for the infinite tax free spending money hack.
minus-squareNotMyOldRedditName@lemmy.worldlinkfedilinkEnglisharrow-up1·edit-23 hours agoand then when they die and the loans do need to get paid back, there’s all sorts of tax advantages when it gets all settled.
minus-squareanon_8675309@lemmy.worldlinkfedilinkEnglisharrow-up5·5 hours agoRight. There was some finance guy that wrote this all up once and you don’t even get a call back unless you have close to half billion. But then the lines they get are like 0.5% APR. it’s nuts.
minus-squareMagnificentSteiner@lemmy.ziplinkfedilinkEnglisharrow-up4·5 hours ago The difference between a million and a billion dollars is roughly a billion dollars. My favourite illustration of this is… 1 million seconds = 12 days 1 billion seconds = 32 years
He also doesn’t live off any income. His liquid cash comes from loans against assets which aren’t taxed like income.
This is how they all do it.
Also, this is how all rich people live.
The difference between a million and a billion dollars is roughly a billion dollars.
Likewise, Danny DeVito is rich enough to afford a good house and car, but not rich enough for the infinite tax free spending money hack.
and then when they die and the loans do need to get paid back, there’s all sorts of tax advantages when it gets all settled.
Right. There was some finance guy that wrote this all up once and you don’t even get a call back unless you have close to half billion. But then the lines they get are like 0.5% APR. it’s nuts.
My favourite illustration of this is…
1 million seconds = 12 days
1 billion seconds = 32 years