For comparison, Gen X had 9% of the wealth, and Boomers had 21%. The largest generation in history did everything they were told, became the most educated generation, and now they're the poorest.
Here are the official numbers from the fed for millennial wealth
- https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#range:1989.3,2020.4;quarter:125;series:Net%20worth;demographic:generation;population:1,3,5,7;units:shares
Zuckerburg owns a very large amount of Facebook stock, and he sells it on a pre-determined, fixed, schedule. The current amount of stock he has is around $80 billion.
To find out how much he’s sold on what schedule, the easiest answer is Yahoo Meta, insider transactions: https://finance.yahoo.com/quote/META/insider-transactions?p=META
You can also look at the their 2022 proxy report official in Meta SEC filings https://www.sec.gov/Archives/edgar/data/1326801/000132680122000043/meta2022definitiveproxysta.htm
Zuckerburg has 93,675,733 vested shares, 831,706 class A shares, and 349,745,790 class B shares a total of 350,577,496 shares (we don’t care about voting rights, just valuation). At today’s market value, those shares are worth $296.73 each (October 30, 2023). We multiple those numbers together and get $104,026,860,388.08.
So, that rounds to $104 billion dollars in Meta stock.
Finally, he controls additional shares via Chan Zuckerberg foundation, Mark Zuckerberg Trust, and assorted other groups.
Most people misunderstand this stat, it is not that half of all wealth is Zuck, it's that 2% of that 4% is his.
If I had a dollar for every time someone misunderstood percentages, I'd have 2% of all gen Z wealth
I'd have 2% of all gen Z wealth
depending on where in the world you live that might buy you a gallon of gas
2% of the combined wealth of 75 million people is a whole fucking lot. One dude with as much money as 1.5 million average income millennials combined
Completely agree, and it's obscene that this weird creep that made a stalking app for this college can now push industries with how much money he has in this amorphous value. But I just hope that people can be angry at these facts without being lost in a misunderstanding and think that half of all millennial wealth is one guy.
This is also true, just makes folks look silly when they think that half of all millennial wealth is one guy.
The most well educated baristas, shelf stockers, and call center workers in history.
When we do these wealth calculations, do we include debt? I would say the majority of my friends have negative wealth (tbf, a self selecting group of overeducated underemployed people)
Debt is usually not included as far as I know, and that makes the situation worse. Looks like typical debt in US is around 90k https://www.cnbc.com/select/average-american-debt-by-age/
I wonder what Gen-Z's gonna be like. No companies founded by my generation so far
god a genz billionaire fucking terrifies oh my god it would be a being of pure neoliberal energy and a creation of satan sent to torment us for our sins
or one who dons leftist asthetics, literally could kneecap the genz left movement by a slew of "we have our own guy infiltrating" and "I can fix them"
god if mr beast becomes a billionaire im just going to find the nearest truck and ram it into the navy oil storage
Founding a company is easy: Do you have $150? You too can own a Florida corporation today (literally, within minutes).
I'm sure there's tens of thousands of LLCs and S corporations owned by Gen Z. They're just things like lawn care services, handyman, independent contractors, etc.
They may not be huge or popular or famous but I guarantee that there's a lot of them. Because there's far too many jobs that require you have a registered business and thousands of young people have these jobs.
Small businesses don't have enough employees to underpay to give yourself millions of dollars for their labor.
Wrong! Zillions of Amazon delivery drivers are underpaid independent contractors with their own corporations.
What year do you think this is? These days corporations are good at exploiting FTE workers, workers who own their own business, and other, smaller corporations.
The delivery drivers are small businesses! Yes. 100% absolutely that is what I'm saying.
But none of those small businesses are paying their execs 20 million dollar salaries.
Hmm true, just no flashy multi billion dollar startups so far (we're all probably still too inexperienced for that)
and every one braver than the troops
