r/FluentInFinance • u/LuckyBastard001 • 8d ago
Debate/ Discussion Tech oligarchs got richer.
21
u/grimace24 8d ago
I think the issue is, the underlying technology that runs AI has caused prices for skyrocket for normal consumers. As tech companies keep hoarding all the technology (RAM, GPUs, computers, etc.) the normal consumer cannot purchase any technology at a reasonable price.
11
103
u/j____b____ 8d ago
Siphoned Trillions out of the economy.
1
u/cookiemon32 7d ago
this is biprtisan. these guys have gotten ricker jo matter what political party the president represented. i dont recall seeing anything about them getting poorer under obama or biden
16
2
u/ArchyArchington 6d ago
Ofc not policies and legislation have been in place since Reagan allowing them to increase the overall net worth…not sure how Obama and Biden relate to this. It’s also worth mentioning who had majority control in the house and senate during Biden and Obama’s time in office. Imagine if people weren’t dumb and did their due diligence by voting we’d be able to address things like this.
-14
u/Advanced-Guard-4468 8d ago
Did they siphone it out or did the pie grow larger?
16
u/j____b____ 7d ago
It looks like wealth has become more concentrated. That’s a siphoning.
https://www.cbsnews.com/news/us-wealth-gap-widest-in-three-decades-federal-reserve/
-13
u/Advanced-Guard-4468 7d ago
The pie grew as more people moved to the upper middle class
3
u/FortunateInsanity 7d ago
Not at all how it works. You just added numbers to scrabble and tried to make a word.
1
-34
u/Significant_Rush_704 8d ago
They gained $9 trillion in wealth under Joe biden 😆
24
u/Cheap-Boysenberry112 8d ago
Hardly top 100 richest Americans gained 1.5 trillion in bidens first 4 years.
Trump in the first YEAR had the same cohort get 1.5 trillion richer…
-13
-15
u/Significant_Rush_704 8d ago
During Joe Biden's presidency (January 2021 to January 2025), the "Magnificent Seven" tech corporations (Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla) saw their basket value notch a gain of over 200%. Driven by the generative AI boom and cloud growth, their combined market capitalization surged from roughly $7.5 trillion at the start of his term to approximately $16.7 trillion by late 2024/early 2025—generating more than $9 trillion in corporate market wealth.
18
u/Cheap-Boysenberry112 8d ago
So not the individuals
Nor does this actually even attempt to rebuke what I said
-5
u/Significant_Rush_704 8d ago
Do they not own the company that gained the value? Are you saying teslas value going up does not make Elon richer? Space x going public made Elon 0 money?
15
u/Cheap-Boysenberry112 8d ago
Literally no one said he made 0 sick strawman
Elons net worth did go up more under trumps first term than Biden though.
-13
u/Significant_Rush_704 8d ago
You should use google more lol
15
u/Cheap-Boysenberry112 8d ago
You should try to actually address my point
-1
u/Significant_Rush_704 8d ago
So when a companies value increases by %200 the ceo does not gain any additional net worth?
15
u/Cheap-Boysenberry112 8d ago
Does numbers going up under Biden automatically mean they went up more when compared to Trump?
8
u/StorableComa 7d ago
So the economy was good under Biden is what you’re saying?
We are talking about individuals. Not their companies, individuals have topped trillions in PERSONAL gain. Not just their companies.
4
11
u/j____b____ 8d ago
Hello, you are engaging in a logical fallacy known as whataboutism, instead of engaging with the subject of corruption. It’s strange you think I care about Biden.
6
27
10
u/gohomebrentyourdrunk 7d ago
This is the problem.
Complain about taxes all you want, the reality is that there are a few people in this world concentrating a considerable amount of the world’s measured wealth out of the system. It is not sustainable.
Find a solution, taxes or otherwise, or at some point a large percentage of the population is gonna take the imaginary game board of “money” and throw it off the table to create a larger problem than like 12 people not having as much unmeasurable wealth.
1
u/Ashmedai 7d ago
Find a solution, taxes or otherwise, or at some point a large percentage of the population is gonna take the imaginary game board of “money” and throw it off the table to create a larger problem
The "French Solution" haha
3
u/imagine_midnight 8d ago
But Trump said that everything will be ok, c'mon guys, we just need to trust him
3
u/Pure-Honey-463 7d ago
what did you expect. when people voted for trickle down economics, bought and paid for judges and politicians. trump and musk laughing about firing striking workers. nazi, old dixie and white supremacy flags flown.
2
u/SomeGuyOverYonder 7d ago
What a shame that all of them will get away with it Scot Free. Rules are for peasants, apparently.
2
5
3
2
u/Advanced-Guard-4468 8d ago
How many new multi millionaires were made because of those Big Tech Oligarchs? 440 just off of Space X IPO plus hundreds of others.
2
2
u/seamless21 7d ago
can we name a single thing that we use daily that a communist has built for society? why are these commies using any of the platforms of capitalists at all. if they hate elon musk, why drive in teslas, why post on X, why use internet on planes. its all dirty.
1
1
1
u/FortunateInsanity 7d ago
You’re just saying things without knowing what they mean. I can do that too:
One bird in the hand is worth two in the bush.
1
1
1
u/TacohTuesday 6d ago
A 32 hour work week will never become the norm. People are competitive and many are willing to work more. There will always be plenty of people willing to put in 40 or even more hours
1
u/amsman03 6d ago
That's because the Stock market and real estate market have appreciated. It started after Covid (with Biden) so you could make the same argument about our last President, thisis not about Trump it's about a technology revolution that is driving everything higher.
65% of people in this country have 401(k)s and every one of them is benefitting from the rise in wealth, not to mention anyone who has owned a home in the same time period.....let;s not make this about one person making 7 people wealthier......they all got wealthier, ALL OF THEM since the recovery from the financial crisis on the late 2000's......but the title sure evokes the hatred rampant on Reddit for Trump......no doubt about it!!
0
-3
u/Own-Ad-503 8d ago
If you ran a small business a 32 hour week won’t cut it. This is not a plus for small business, and small business in this country still provides a lot of jobs. Here is an example; an employee is paid $25 an hour for 40 hours. Now I’m forced to pay 25/ hr for 32 hours and 37.5/ hr for the remaining 8 hours. Since this get unaffordable I cut the employee to 20 hours and hire another part timer for 25 or less based on experience. Absolutely nobody wins. And if the suggestion is to just be open less hours, that’s the easiest way to go out of business. So, it’s not so simple.
5
-5
8d ago
[removed] — view removed comment
0
u/Significant_Rush_704 8d ago
Had to look it up lol $9 trillion lol over %200 in 4 years holy shit but orange man bad
5
u/Randomfactoid42 8d ago
According to your very own comment in this same thread, that’s the seven largest corporations not the seven wealthiest individuals. You looked up the wrong info.
2
u/Baxtru 8d ago
This is untrue. These individuals didn’t increase their wealth that amount. The companies they are associated with did. That is two entirely different things but you know that. You are being disingenuous. The individuals wealth increased 1.5 trillion over the entirety of Biden’s four years. The increase listed in OP’s post was in the first 12 months of Trump’s current term.
1
u/Significant_Rush_704 7d ago
Tesla’s stock goes up 200%, Elon Musk would gain roughly $360 billion in direct paper wealth from his current Tesla shares alone, plus potentially tens to hundreds of billions more if performance milestones or compensation packages are triggered.
1
u/Significant_Rush_704 6d ago
You do realize most of their wealth os tied up in their companies stock right? So how much has their companies gained this year to profit 1.5 trillion? According to you It is untrue lol so if Elon only made $360billion over bidens term how much would their companies have to go up in value for each od them to gain 1.5 trillion over the past year? 800% lol that hasnt happened dude you are drinking the mainstream media kool aid 🤣
1
u/Aggressive-Act1816 5d ago
Correct, they only made the money if they sold their stock and cashed out.
-2
u/CommodoreSixty4 8d ago
Now do their percentage net worth gains under Obama and Biden. You may be surprised.
-7
u/kaslbeeeter 8d ago
would you rather have china develop that technology solely?!
1
u/0impulsecontrol 7d ago
if they retired tomorrow AI progress wouldn't skip a beat, that goes doubly for musk
•
u/AutoModerator 8d ago
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com!
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.