“We are at a time in #American history where two guys, Elon Musk and Jeff Bezos, own more wealth than the bottom 40% of the population of this country. That level of greed and inequality is not only immoral. It is unsustainable,”
This is how Bernie Sanders expressed his annoyance on Twitter.
Well, that logic is slightly flawed, here is why
Jeff Bezos and Elon Musk hold huge amounts of stocks in their respective companies
Amazon was not profitable for more than a decade since its inception
Only in 2020, #Tesla reported a net income for the first time
This implies a significant amount of Bezos’ and Musk’s wealth is locked in the overpriced stocks of their respective organizations
For instance, Bezos owns 10% of #Amazon
Amazon is worth 1.5 trillion dollars
Who else owns these stocks?
Mostly the citizens of the USA.
These people have parked their hopes in these stocks. And since 50% of Americans hold stocks, you get the idea where the disparity in wealth comes from.
It comes from the “collective #greed” of millions of people
hence, it is not correct to hold #entrepreneurs accountable for wealth inequality
I wish I could explain the Indian scenario with the same logic 🙂