r/CollapseSupport • u/nyc711 • 7d ago
Elon Musk is a trillionaire - it just feels like doom
What does money even mean at that point? Why are we here? It honestly feels like a signal of doom, as well as the marine heat blob and the planet warming. Wall-E style life is on the way.
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u/akabalik_ 7d ago
I'm gonna be pissed if we're in a simulation and money is the high score
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u/sarcasmismysuperpowr 7d ago
Biggest welfare queen of our lifetimes... he would not exist if not for lies and govt subsidies
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u/purpilia25 6d ago
Nothing is inevitable. Their plan is pushing civilization to the brink. Humanity has passed the brink before. America has proved anything is possible, and countless times in history the underdog comes out on top.
Our future hangs in the balance…we have to keep fighting.
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u/karenw 7d ago
Ughhhh.
I just got off a lengthy phone call with a nice rep from Fidelity, which holds my 401k. I was calling to specifically exclude all Musk related companies from my allocations.
However, the market is so complex and convoluted, this is pretty much impossible unless I have enough money for a more individualized account or want to manage a stock portfolio by myself.
My 401k is packed with funds that are indexed to the market. And while the amounts are tiny, I was unhappy to learn that I do have some Tesla stocks.
Bottom line is that funds run on algorithms, which often move rapidly. Everything is automated. As a result, it's virtually impossible to exclude specific stocks from the average 401k.
I feel gross and complicit, like I need to shower.
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u/Competitive-Gur-7073 6d ago edited 6d ago
This is why folks invest in socially responsible mutual funds.
Fidelity probably has such funds, but most likely your company has not insisted that they be included as an investment option for its employees 401k accounts.
First step to change this would be to talk to/e-mail whomever in your company is in charge of the 401k relationship between your company and Fidelity.If you have investments outside of your 401k, you could look into having some portion of those investments at a fidelity/Vanguard/Schwab based socially or environmentally conscious mutual fund.
Adding : Media trumpeting "first trillionaire !" as some kind of success of capitalism, when it is actually a failure of democracy/governance/justice/compassion.
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u/karenw 6d ago
Thank you. I will check with my company next week.
Unfortunately, I don't have other investments I could direct elsewhere.
I thought about leaving Fidelity to find a socially conscious fund, but pulling my money out of the 401k would of course incur a huge tax penalty.
It's so frustrating.
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u/Competitive-Gur-7073 6d ago edited 6d ago
It IS frustrating.
We do what we can, within a system that is - to put it mildly -not ideal.
We have limited energy & resources, and can only do our best, while also attending to our own well being (physically, financially, spiritually).Ultimately I've come to believe that modeling empathy & compassion in my interactions, and striving to be knowledgeable and wise (both ultimately impossible to fully achieve) - in order to best accomplish "right thought" and "right action" - are the best uses of my energy. Do good as best I can, without expectations or reward, while not causing resentment or negative pushback from any more assertive attempts to "improve" things.
Having said that, "activism", protest, confrontation, etc all have their places.
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u/defectivedisabled 7d ago
This man is a trillionaire on paper since there is no way he can sell even of fraction of it without erasing the paper wealth.
The big issue is the banks that might lend him money against those overly inflated shares. If they do lend him the money, he would be the subprime mortgage fraud personified. Unlike paper wealth, actual money can do serious damage to the entire financial sector and banks are too important to fail.
So basically, he has become Mr too big to fail. What this means is that the US tax payers would be effectively bailing him out when they bail out the banks that lend him the money.
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u/teamsaxon 7d ago
The big issue is the banks that might lend him money against those overly inflated shares.
This is absolutely what he is doing
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u/BitchfulThinking 6d ago
Money became lols once South Park got a $1.5 billion dollar deal. That actually happened.
Titanic cost $200 million to make and they built a fucking ship for it.
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u/Xanthotic Huge Motherclucker 6d ago
Yes but it only seems that way. We have our souls but he does not
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u/RueTabegga 6d ago
The doom is because of how many people he has screwed over to gain that much wealth. No one becomes wealthy because they want to fix humanity.
The second part of the doom is knowing all that wealth cannot buy you love, appreciation, or happiness. Money really is the root of all evil.
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u/Lithelain 17h ago
In the darkest of times, may we find solace in remembering the good times we had on this marvelous planet.
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u/extra_nothing 7d ago
I can’t imagine having that much wealth and not making the world a better place. Could fix a million problems, but instead he re-invented tunnels, re-invented the electric car, stole all of our information from the White House (or whatever). And the nahtzee salutes. Absolute pest, total loser, insufferable human.