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Trillionaire No More. SpaceX Collapse Loses Elon Musk $600 Billion in One Month (247wallst.com)

submitted 1 day ago by return2ozma@lemmy.world to c/usa@lemmy.ml

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[–] TheDemonBuer@lemmy.world 22 points 1 day ago* (last edited 1 day ago) (2 children)

More importantly, economies generally grow by encouraging innovation rather than limiting it.

Granted, reasonable people can disagree about Musk’s leadership style or his public statements. But creating businesses that generate jobs, technological advances, and shareholder value is ultimately how wealth is created in the first place.

Important insights (/s) from a capitalism cultist.

[–] DeathsEmbrace@lemmy.world 22 points 1 day ago* (last edited 1 day ago)

Let's remind people of the reality. Find me 10000000 people to work for pennies as I take advantage of them and you too can be a billionaire. Exploitation of the working class is the rich classes only successful endeavor.

[–] ExtremeDullard@piefed.social 4 points 1 day ago (3 children)

creating businesses that generate jobs

There was some truth to this, but it's always been mostly a fairy tale.

But if you've ever believed it, I have two letters for you: AI

You'll soon find out just out devoted to creating jobs businesses really are.

[–] TheDemonBuer@lemmy.world 10 points 1 day ago (1 children)

You'll soon find out just out devoted to creating jobs businesses really are.

Yeah, because jobs and innovation have only ever been produced indirectly as a result of capitalism. The point isn't to create jobs, the point isn't to innovate, the point is to make as much profit as possible. If capitalists can make profits without innovating or creating jobs, they're happy to do it.

[–] leftOverLife@lemmy.ml 7 points 1 day ago* (last edited 1 day ago)

The point isn’t to create jobs, the point isn’t to innovate, the point is to make as much profit as possible.

Also, labor is what creates that profit in the first place. Capital is mixed with labor to create more capital. People like musk and all of the other oligarchs can only have their wealth as a result of exploitation of the labor of the working class.

[–] umbrella@lemmy.ml 4 points 1 day ago

it only makes sense if you replace "jobs" with "wage slavery"

[–] SaveTheTuaHawk@lemmy.ca 1 points 1 day ago (1 children)

Dude..AI will not replace jobs, that's the bullshit Altman and Musk are selling. AI will not fix your toilet.

[–] ExtremeDullard@piefed.social 3 points 1 day ago

The guy who fixes toilets will still have a job.

The guy whose toilet is clogged, who had a job as a driver, translator, paralegal or programmer won't though.

And you know who he's not going to call because he doesn't have a job anymore and he doesn't have money? The guy who fixes toilets.