Recent comments in /f/technology

Goodgoditsgrowing t1_jclxfa5 wrote

Reply to Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

You mean he had a bunch of money invested when he actively tried and succeeded in making SVB collapse by telling everyone he knew to withdraw all their deposits, creating a run on the bank, and making the bank go under.

He’s either an idiot who did his utmost to tank his own investment or he’s angling to buy up SVB for pennies on the dollar.

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RuairiSpain t1_jclph9g wrote

Reply to comment by Ssider69 in Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

And this is the reason the FED will keep giving free money to banks and keep interest rates low so Venture Capitalist and Vultures can keep doing their financial pump and dumps of Tech and Pharma startups.

In the end this bail out of depositors will be normal tax payers. Like you and me.

Peter is not a normal tax payer, his tax rate is probably around 1% of his income. I checked Peter's philanthropy, he gives $1,000,000 to young people that drop out of school to start businesses, this sounds like an early-bird angel investor rather than philanthropy.

His other "philanthropy" is donating big money to Republicans, 20 million! https://www.opensecrets.org/donor-lookup/results?name=peter+thiel&order=desc&sort=D

On good news, his COVID-19 hide away in New Zealand seems to have lost it's planning permission. His a great American, that runs off to New Zealand when the shit hits the fan. https://nypost.com/2022/08/19/peter-thiels-plans-for-dream-home-in-new-zealand-are-gone/

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JeebusJones t1_jclld60 wrote

Reply to Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

To put this in perspective: If we go by Google's claim of his net worth being a bit more than 4 billion dollars, 50 million represents a bit more than 1% of his wealth.

For comparison, the median net worth in the US is about $120,000, so this would be like losing around $1200 for a regular person. Not nothing, but probably not ruinous.

Plus, there's the fact that, once you get beyond a certain level of wealth, any additional money ceases to matter very much, because there's a limit to how much you can practically spend even if you live very extravagantly. In other words, he's not going to miss that $50 million anywhere near as much as the median person is going to miss $1200.

(He's also an authoritarian shitbag who is on record as saying that he "no longer believes that freedom and democracy are compatible." But that's not directly related to this topic.)

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