Business Insider is running out of breath from having to write and rewrite headlines recently announcing that Elon Musk is now the richest man in the world, no Musk has lost his #1 spot, no he has regained it, etc.
This is happening because much of the wealth of really rich people is tied up in stock, whose value fluctuate with the blowing wind.
I have a modest proposal.
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We don't have to use daily stock prices to measure the wealth of someone. We should use the trailing 6-month average prices to smooth out the volatile component of their wealth. (3-month, 6-month, or 12-month, depending on how volatile these prices really are).
But that would NOT be news.....
also never underestimate the willingness of the media to be wrong - especially if they can come back next day and explain the extraordinary reason why yesterday's fact has been replaced by a better one.
Posted by: Michael Droy | 03/06/2023 at 02:15 PM
If Elon Musk (but the same holds true for other billionaires) were to sell 50% of his Tesla shares, the value of remaining 50% would collapse.
It is a gilded cage.
Another proposal: do not count shares but something else.
Posted by: Antonio | 03/07/2023 at 12:39 AM