FiveLuigi Mangione Eligible for the Death Penalty
sobchakKind of a nitpick, but the CEO wasn’t a billionaire. It’s also kind of an important distinction, because it’s not necessarily the wealth that’s the main problem, but how the owner class/bourgeoisie obtain their wealth/income. A slumlord worth less than a million is arguably as morally wrong as a Blackstone CEO (one obviously has more wealth/power/impact though). The evidence of owner class solidarity and government capture/corruption is also important. Rashid, being a politician, is likely trying to not alienate is millionaire donors.
UnderpantsWeevilKind of a nitpick, but the CEO wasn’t a billionaire.
When you’re earning $26M/year, it’s just a matter of time.
When you’re earning $26M/year, it’s just a matter of time.
It still takes 40 years.
You’re assuming his pay would remain the same and zero investing for the next 40 years. It would take less than 10 if he invested right and saw pay increases
That’s just direct income. With that kind of money, investments and other income streams become possible.
The S&P doubled in the last five years and more than tripled in the last ten. Pock $20M of that $26M, at $1.6M/mo, while earning around 15% yoy ROI and you’re looking at $400M inside a decade.
Compound interest is propelling already-rich people into the stratosphere.
15% yoy is too generous. S&P has averaged 10% p.a. over the past 100 years.
But yes, compound interest brings the billion target ($20M pocketed @ 10%) down from 40 to 18.8 years.
But remember, the average CEO tenure is about 7.5 years.
Getting to a billion through a salary only is very difficult.
Sooner or later he would have been offered the CEO position of a big health tech start-up, it would have grown for a few years, than either gone public or sold for several billion, and he’d be the Billionaire he was angling to be.
No it doesnt.
He was making that much now, but his salary would have increased steadily, as his immoral policies brought in more profit by murdering their customers. He would have reached Billionaire status far quicker than 40 years.
bthestHe had enough to access the stock market’s infinite money glitch if he wanted to.
Spiritually he was a billionaire.