Do Billionaires OWN their corporations?

Billionaires. Should They Exist? Politicians and content producers love to say they are bad for the economy.

Attempting to debunk so-called myths, Wired launched a video, "Economists Debunk Top 5 Billionaire Myths" putting forth some misleading claims. It was so riddled with errors that we had to bring in Professor Antony Davies, Associate Professor of Economics at Duquesne University, to respond.

As always, his insight was clear, logical, and backed up with data.

►► More from Professor Antony Davies:

LEARN LIBERTY:

[Frankincensedjb]

It would be foolish for anyone to own a large chunk of any corporation or business. You never put all your eggs into one basket. That would be economic suicide. Average broke wage earner has no clue, which is made apparent by many of the comments on this video.

[tomspettigue]

this is a pretty weak rebuttal of the initial claim - look at how Elon is EXACTLY controlling who works at Twitter. The ONLY person who was safe was just ANOTHER rich guy with a wild contract that would've cost Elon tons of money had he gone through with it.

[avaragedude]

Musk did buy the rest of Twitter later tho

[trevoranderson]

Also some shares have more voting rights than others

[shadowmancer]

He definitely ended up with over 51% (and my guess is closer to 80% or more).

[Realcaramelli]

And why do they typically hold about 10% again? Venture capital takes 90% of the equity. Who does that money end up going to anyways? Oh yeah, billionaires, just not the ones you and I see in the news.

[realnapster]

Lies. Billionaires may not own whole company but most companies are owned by billionaires wither fully or partially.

[jeremyjeremy]

Real wealthy people don’t “own” much of anything