Mark Cuban took to Bluesky in late October to issue a string of messages, many in response to other user comments, concerning the notion of eliminating billionaires through various financial means.
As Business Insider detailed, Cuban showed some degree of understanding while largely offering rebuttals to those who would like to see the billionaire class eliminated from society.
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“Billionaires will exist as long as stock markets exist,” Cuban stated. “Should we get rid of the stock market?”
When one user framed the wealth of billionaires as “disgusting examples of extreme wealth,” Cuban came up with a quick reply: “Why should people do with the money they save?”
Mark Cuban Implies That If Billionaires Were Gone, the Market Would Crash Thereafter
The “Shark Tank” personality and billionaire then pivoted to suggest, without much ambiguity, that the removal of the world’s wealthiest investments in the market would be catastrophic.
Following a post in which one Bluesky user gestured toward figures indicating that ~90% of the U.S. stock market is held by 10% of households, Cuban continued his argument.
“Absolutely true. But that 90% is trillions and trillions of dollars, owned by everyone else. If you make the top 10% sell 90% of the market, how close to zero value do you think the ownership of the 90% goes? You would wipe out the savings of more than half the country,” Cuban wrote.
“You can take every penny that every billionaire has, and other than making a lot of people on here feel better, it wouldn’t pay for the interest of the federal deficit or single-payer [healthcare]… And doing so would probably tank the markets and cause a depression. But other than that, the rich would be tasty!” he later added.
Cuban Has Spoken Out on the Nature of Being a Billionaire in the Past
It’s not the first time that Cuban has been interviewed or otherwise asked about his take on the world’s richest.
“Anybody who has a ‘B’ next to their name, and they tell you they could do it all again, they’re lying their ass off, right? You’ve got to have luck. You gotta have timing,” Cuban told GQ in 2023, pivoting to mention that he’d been lucky to be skilled in the right area (tech and networking) at the right time (when the internet stock market made outsized gains).
“If I would have been born three years earlier, three years later, we probably would not be having this conversation,” he added.
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This article originally appeared on GOBankingRates.com: How Getting Rid of Billionaires Could Negatively Impact Your Stock Investing, According to Mark Cuban
