Dan GillmorJan 14, 2023

An astoundingly innumerate comment from someone who should know better. https://mastodon.social/@rbreich@masto.ai/109689872733190141

Musk didn't "lose $200 billion" when the value of his stock plummeted. His theoretical wealth dropped.

There should be a wealth tax nonetheless (and capital gains should be regular income, with investment gains indexed for inflation when cashed in).

But we should be honest about what we're doing.

Show threadBrianJan 14, 2023
@dangillmor
In what way is stock ownership theoretical?
Show threadDan GillmorJan 14, 2023
@brian It isn't. The value is only real when you sell.
Show threadBrianJan 14, 2023
@dangillmor
Stocks are as real as a bank account.
Show threadDan Gillmor
@brian Name a stock that can't lose value (apart from inflation)...
Jan 14, 2023 at 11:47pmWeb
Show threadBrianJan 15, 2023
@@dangillmor
Name a currency that can't lose value? If you invest in something and it loses value, you have lost money. You can't argue that it's a "paper loss" or some nonsense, it's a real loss. Maybe you're thinking about illiquid options or something, but stocks can be bought and sold in minutes