Billionaire Mark Cuban says abolishing billionaires would mean destroying the stock market and wiping out Americans’ savings
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Mark Cuban said that as long as there are stock markets, there will be billionaires.
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The billionaire said forcing the wealthy to sell their stocks would “wipe out” Americans’ savings.
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He said taxing billionaires would not fix inequality and called for finding ways to help others earn more.
Mark Cuban The only way to eliminate billionaires, he says, would be to destroy the stock market, and doing so would destroy the savings of ordinary Americans.
In a series of posts on BlueSky Thursday night, the billionaire investor and former “Shark Tank“star rejected users who argued that wealth inequality could be solved by taxing or limiting the wealth of billionaires.
Cuban – whose 6 billion dollar fortune A person who comes from tech startups, invests, and owns the Dallas Mavericks makes him one of the richest people in the world; He said that extreme wealth is an inevitable byproduct of the market system.
“As long as there are stock markets, there will be billionaires,” he wrote. “Should we get rid of the stock market?”
When one user said they wanted to see the market move if it meant preventing “disgusting examples of extreme wealth,” Cuban replied: “What should people do with the money they’ve saved?”
He warned that market fragmentation would have devastating consequences for everyone, not just the rich.
Cuban was responding to another user who said roughly 90% of users say: exchange It is held by the richest 10% of U.S. households – a figure consistent with that. Federal Reserve data It shows that the top 10 percent hold approximately 93 percent of all stock market wealth.
He agreed with the statistics but argued that forcing these investors to sell would hurt everyone, not just the rich.
“Absolutely true,” he wrote. “But that 90 percent is trillions upon trillions of dollars that everybody owns. If you get the top 10 percent to sell 90 percent of the market, how close to zero do you think the ownership of the 90 percent would be worth? You’d wipe out the savings of more than half the country.”
While Cuban argues that billionaires are a necessary byproduct of booming stock markets that benefit savers, organizations such as Oxfam and the World Bank say the ultra-rich accumulate primarily from inheritance, monopoly power, and worsening inequality.
Cuban also argued that even if governments seized every dollar owned by billionaires, it would not provide a significant improvement in public finances.
“You could take every penny every billionaire has, and other than making a lot of people here feel better, it wouldn’t cover the federal budget deficit or the interest on single-payer people.” [healthcare]” he said.
