I mean, not just dumb enough to talk about it, anyone for whom most of their wealth is in publicly traded companies (which is most rich people) has public record of how much.
You understand that most people with significantly-sized investments start using things like LLCs and trusts to invest instead of just holding it in their name? sometimes you know who owns the LLC, most times you don’t.
And the LLC owns the shares; so that’s whose name goes on the ledger. the vast majority of even the modestly-rich spend a great deal of time, effort and money to ensure their privacy. Musk is one of the rare dumbasses that publicly broadcasts it. (probably because he’s an insecure little bitch.)
They may chose to not (for example, Musk,) but yes it does. And the LLCs offer a lot of other advantages. (like, if you split it into multiple LLCs, they technically have different reporting requirements. So. like. hostile take overs.)
The shares held by LLCs are still voting shares. and since you control the LLC, they vote the way you want. One of the big advantages is location- siting the LLC in someplace that has favorable regulations (maryland,) or tax structures (Florida, texas,) lets you live anywhere you want.
They also provide protection against lawsuits (for example, sachler family and purdue pharma.) and that protection goes both ways, (for example, Ruddie Ghouliani’s troubles. they’re used to hide assets. a forensic accountant might find it, but not before they get protected.)
But as for privacy; if you were careful setting it up- and hired a service out of maryland to answer the phones as a ‘representative’- then all any one would know about the LLC is that number and that rep’s office as the adress. (fun fact, there’s like two addresses used for like… most… llcs because that service is useful.)
Yup, Putin is probably richer and then you’ve got oil royalty as well whose wealth is unknown… Tesla is worth a lot, but how much is the Saudi’s oil industry worth you think?
friendly reminder that Musk is not the richest man on earth.
he’s the richest man on earth dumb enough to talk about it.
While you are technically correct (the best kind of correct), that does not subtract from the point.
I mean, not just dumb enough to talk about it, anyone for whom most of their wealth is in publicly traded companies (which is most rich people) has public record of how much.
You understand that most people with significantly-sized investments start using things like LLCs and trusts to invest instead of just holding it in their name? sometimes you know who owns the LLC, most times you don’t.
And the LLC owns the shares; so that’s whose name goes on the ledger. the vast majority of even the modestly-rich spend a great deal of time, effort and money to ensure their privacy. Musk is one of the rare dumbasses that publicly broadcasts it. (probably because he’s an insecure little bitch.)
Does that work when you also want to be in control of those companies? All the big CEOs I can think of directly own shares in their own companies.
yes, it does.
They may chose to not (for example, Musk,) but yes it does. And the LLCs offer a lot of other advantages. (like, if you split it into multiple LLCs, they technically have different reporting requirements. So. like. hostile take overs.)
The shares held by LLCs are still voting shares. and since you control the LLC, they vote the way you want. One of the big advantages is location- siting the LLC in someplace that has favorable regulations (maryland,) or tax structures (Florida, texas,) lets you live anywhere you want.
They also provide protection against lawsuits (for example, sachler family and purdue pharma.) and that protection goes both ways, (for example, Ruddie Ghouliani’s troubles. they’re used to hide assets. a forensic accountant might find it, but not before they get protected.)
But as for privacy; if you were careful setting it up- and hired a service out of maryland to answer the phones as a ‘representative’- then all any one would know about the LLC is that number and that rep’s office as the adress. (fun fact, there’s like two addresses used for like… most… llcs because that service is useful.)
Yup, Putin is probably richer and then you’ve got oil royalty as well whose wealth is unknown… Tesla is worth a lot, but how much is the Saudi’s oil industry worth you think?
So what you’re saying is, RandomStickman’s “[Trump is] backed by literally the richest man on Earth” claim is true after all.
Well, I don’t think that’s what OP had in mind since Musk’s financial involvement is a certainty and Putin’s is speculative (lulz)