chunes comments on The Big Short Guy Just Bet $1 Billion That the AI Bubble Pops

[–] chunes@lemmy.world 84 points 10 months ago* (10 children)

Some guy spending a billion dollars on pretty much nothing makes me deeply annoyed. Tax billionaires.

[–] echodot@feddit.uk 20 points 10 months ago (3 children)

He famously isn't rich. He manages the money of the rich, he himself is only well off. This isn't his money he's investing, it's the money of the people he works for. So there's obviously some market feeling that this is a good bet.

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[–] BackgrndNoize@lemmy.world 16 points 10 months ago (1 child)

He's a multi millionaire, that's far more than just well off

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[–] sugar_in_your_tea@sh.itjust.works 7 points 10 months ago

Yeah, I read that he has somewhere around $300M. Not a billionaire, but not poor.

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[–] merc@sh.itjust.works 8 points 10 months ago

Also, the way short positions work is that the people who are most successful at shorting a stock are the ones who have a megaphone to announce they've shorted the stock. They go on as many podcasts, news shows, interviews, etc. as possible to say things are going to crash. Because, the more people who hear about it, the more hesitation there will be to invest, which means the more chances of their prediction coming through.

So, he's not just some guy who is betting on the bubble bursting, he's a guy who is now heavily incentivized to cause the bubble to burst so he can make his investors a lot of money.

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