Elon Musk has become the first person to reach a net worth of $500bn, bringing the Tesla chief executive halfway to trillionaire status.
Musk’s wealth temporarily crossed the half-trillion mark on Wednesday before retreating to $499bn, according to the Forbes billionaires list.
Musk owns 12% of Tesla, which is worth more than $1.5tn, and his wealth has been boosted this year by surge in the electric carmaker’s share price.
Stocks are basically the same as crypto at this point. There is no benefit or utility at owning some, the only value is the idea of selling for more at some point.
They could fix this by requiring stocks pay a dividend as a minimum percentage of profit, and prohibiting the sale of a stock until a year after purchase.