[KMag]

I'm not an accountant, but doesn't he need to realize investment losses in order to write them off? Capital expenses can be depreciated for tax write-offs, but I wasn't aware that corporate investments could be marked to market for write-offs.

[thghtihadanacct]

I dont know either but I cant fathom why he paid that much for the company only to play Nero.

[KMag]

Like most super-successful people, he's smart, hard-working, overconfident, and very lucky. His luck didn't work out for him this time when he overstepped his expertise. Survivorship bias made him think he'd be fine.

(Yes, it's very possible to be both smart and overconfident.)