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by Aurornis 106 days ago
> At his level of personal wealth there is no realistic scenario that leads to personal bankruptcy. In our current capitalist society once you're into the billions you're "too big to fail" and you have unlocked the infinite money glitch.

This is plainly false. There are plenty of example, even recently, of billionaires losing their fortunes or going bankrupt. Often they come with criminal prosecution because they get desperate and try illegal ways to hang on to their wealth. Sam Bankman-Fried, Elizabeth Holmes, and several other examples come to mind.

There are a lot of stories of billionaires getting too risky with their investments or too concentrated in businesses and losing the majority of their wealth. The Barclay story, Jim Justice, the old Peloton CEO.

It’s not a common outcome because you have to try hard to screw up that badly when you have over a billion dollars in wealth. Parking it anywhere in common investments would leave you and your ancestors set forever.

2 comments

> There are plenty of example, even recently, of billionaires losing their fortunes

Billionaires aren't on the same level of wealth as hectobillionaires, just like decamillionaires aren't on the same level of wealth as billionaires.

> Sam Bankman-Fried, Elizabeth Holmes, and several other examples come to mind.

Billionaires that were dumb enough to attempt to screw even bigger billionaires. Sure you can find exceptions to the rules, but Ellison isn't going to be one of those.