This is not even close to being true. Elon Musk's net worth is $850 billion. In order for that to be 1 in 200 of all wealth in the US, it would mean US wealth would have to be $170 trillion. For comparison, the World Bank estimates the entire world's GDP in 2024 to be $111 trillion.
He, in fact, owns a much larger share than 1 in 200. Though it's also obvious to anyone watching that most of this money is fake and comes from the fact that he holds a lot of assets which have extremely inflated valuations (i.e. are a bubble with no underlying economic justification).
I'm guessing you or the AI chatbot you may have asked are talking about the total US household wealth as reported in this Reuters article. That's where I see the $180 trillion number.
9 Comments
NateNate60@lemmy.world · 12 pts · 189d
This is not even close to being true. Elon Musk's net worth is $850 billion. In order for that to be 1 in 200 of all wealth in the US, it would mean US wealth would have to be $170 trillion. For comparison, the World Bank estimates the entire world's GDP in 2024 to be $111 trillion.
He, in fact, owns a much larger share than 1 in 200. Though it's also obvious to anyone watching that most of this money is fake and comes from the fact that he holds a lot of assets which have extremely inflated valuations (i.e. are a bubble with no underlying economic justification).
FooBarrington@lemmy.world · 8 pts · 189d
Total US wealth seems to be $150-160 trillion, so it checks out?
NateNate60@lemmy.world · 2 pts · 189d
What's your source for this?
FooBarrington@lemmy.world · 3 pts · 189d
How about you give whatever number you think is the accurate one first?
GDP isn't directly related to wealth, so it's not relevant. GDP is measured per-year - our wealth doesn't reset to 0 at the start of a new year.
NateNate60@lemmy.world · 0 pts · 189d
I'm guessing you or the AI chatbot you may have asked are talking about the total US household wealth as reported in this Reuters article. That's where I see the $180 trillion number.
rbos@lemmy.ca · 6 pts · 189d
GDP is a yearly figure, not cumulative, so it could still work.
I agree that it sounds much too low.
LodeMike@lemmy.today · -1 pts · 189d
I literally said wealth and you literally repeated it back at me, then you brought up GDP?
NateNate60@lemmy.world · -1 pts · 189d
How do you define wealth? Physical stuff? Money in your bank account? GDP measures everything that someone pays money for.
andallthat@lemmy.world · 7 pts · 189d
Don't leave me hanging... is it me?