One of the effects of the transformation I describe was to shift the focus of shareholders from income—dividends—to asset appreciation. Wealth is harder to tax than income.
So not only do we have a trillionaire, but it’s hard to cut him down to size, relatively speaking. His fortune is not cash.
T.J. Stiles
Elon Musk is a trillionaire. How could this happen?
Here's a gift link to my WSJ piece on how a longstanding idea of corporations & the stock market broke, making giant corporations & super-wealth possible. You Henry Varnum Poor fans are gonna plotz.
Some background...
www.wsj.com/finance/gild...
