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Millennials hold 4.4% of all wealth, and Zuckerberg single-handedly has 2% of that wealth. There are now millennials in their 40s! (lemmy.ml)
submitted 1 year ago* (last edited 1 year ago) by yogthos@lemmy.ml to c/usa@lemmy.ml
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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

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.

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[-] Buttermilk@lemmy.ml 103 points 1 year ago

Most people misunderstand this stat, it is not that half of all wealth is Zuck, it's that 2% of that 4% is his.

[-] morrowind@lemmy.ml 68 points 1 year ago

If I had a dollar for every time someone misunderstood percentages, I'd have 2% of all gen Z wealth

[-] TornadoRex@sh.itjust.works 33 points 1 year ago

So like $20?

[-] Klear@sh.itjust.works 4 points 1 year ago* (last edited 1 year ago)

It's not much but it's strange that it happened 20 times.

[-] Ho_Chi_Chungus@hexbear.net 14 points 1 year ago

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

[-] usernamesaredifficul@hexbear.net 6 points 1 year ago

Mark Zuckerberg can afford multiple gallons of gas

[-] mar_k@hexbear.net 34 points 1 year ago

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

[-] Buttermilk@lemmy.ml 11 points 1 year ago

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.

[-] Letstakealook@lemm.ee 34 points 1 year ago

I understand it very well. My generation doesn't have shit.

[-] Buttermilk@lemmy.ml 14 points 1 year ago

This is also true, just makes folks look silly when they think that half of all millennial wealth is one guy.

[-] berrytopylus@hexbear.net 5 points 1 year ago

Yeah he's rich as fuck but he's not a trillionaire

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[-] queermunist@lemmy.ml 57 points 1 year ago

The most well educated baristas, shelf stockers, and call center workers in history.

[-] BurgerPunk@hexbear.net 29 points 1 year ago

fidel-salute and every one braver than the troops

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[-] keepcarrot@hexbear.net 28 points 1 year ago

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)

[-] yogthos@lemmy.ml 22 points 1 year ago

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/

[-] TonyTonyChopper@mander.xyz 4 points 1 year ago* (last edited 1 year ago)

wtf. Does no one have a savings account anymore? Even the boomers?

[-] yogthos@lemmy.ml 9 points 1 year ago
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[-] sapphiria 21 points 1 year ago

Can we please not platform the wife torturing rapist?

[-] yogthos@lemmy.ml 11 points 1 year ago

updated to just provide the data

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[-] SubArcticTundra@lemmy.ml 20 points 1 year ago

I wonder what Gen-Z's gonna be like. No companies founded by my generation so far

[-] riskable@programming.dev 10 points 1 year ago

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.

[-] SubArcticTundra@lemmy.ml 3 points 1 year ago* (last edited 1 year ago)

Hmm true, just no flashy multi billion dollar startups so far (we're all probably still too inexperienced for that)

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[-] AngryHumanoid@reddthat.com 9 points 1 year ago

There are now 41, 42, and 43 year old millennials too.

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[-] dingleberry@discuss.tchncs.de 7 points 1 year ago

Wow! Wife beater is back.

[-] Ransom@lemmy.one 4 points 1 year ago

Holy shit indeed!

[-] Kecessa@sh.itjust.works 3 points 1 year ago

Imma need a source for those numbers.

[-] yogthos@lemmy.ml 7 points 1 year ago

here are the official numbers from the fed for millennial wealth, it's actually lower at 4.4%

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.

[-] Kecessa@sh.itjust.works 3 points 1 year ago

I meant for the various generations.

What about when adjusted for demographic weight? Because I remember reading that millennials had the highest median net worth of all current generations.

[-] yogthos@lemmy.ml 4 points 1 year ago

The first link literally shows a graph of wealth distribution over time.

[-] Kecessa@sh.itjust.works 4 points 1 year ago

It doesn't go back before 1989, at which point boomers were 40 to 44 and a much bigger % of the population compared to the small % of the population of millennials that are 40 to 42 at the moment.

That's what the OP implies, if you're comparing wealth at the same point in life that graphic isn't the info you're looking for.

[-] yogthos@lemmy.ml 3 points 1 year ago

[-] Kecessa@sh.itjust.works 3 points 1 year ago

Thanks for confirming what I just said, it doesn't go back before that point.

[-] yogthos@lemmy.ml 4 points 1 year ago

I guess you'll just have to find it on your own then. I've done enough free work for you here.

[-] Kecessa@sh.itjust.works 3 points 1 year ago

You didn't do work, you provided sources for info unrelated to your post.

[-] yogthos@lemmy.ml 4 points 1 year ago

you're a troll

[-] Kecessa@sh.itjust.works 4 points 1 year ago* (last edited 1 year ago)

See how the silent generation wealth is decreasing as time goes? That's because they represent less and less of the total population, it's not because they're getting poorer as time goes. Boomers represent more and more of the population (% wise) as the preceding generation dies off and in the next 20 years you'll see the same curve for boomer wealth, it will be going down as they die.

The post is about millennials not being equal to boomers at the same point in life? Well using the data you shared doesn't prove that since it's not adjusted for the % of the population each generation represents, it's just total wealth for each generation. If Zuckerberg was the only millennial in existence your graph would show millennials as basically non existent and you would still come to the same conclusion even though the only millennial was a billionaire.

What you want is the average wealth for each generation at a certain age, adjust it for inflation and compare that, that's how you prove your point.

[-] yogthos@lemmy.ml 6 points 1 year ago

The post is about millennials having the least wealth out of any generation, and the disparity in wealth clearly cannot be accounted for by the population distribution as you keep trying to claim. Also, what you actually care about is the median, but I'm not expecting you to understand the difference at this point.

[-] Kecessa@sh.itjust.works 3 points 1 year ago* (last edited 1 year ago)

"clearly cannot be accounted for by the population distribution"

Source please, what % of the population did boomers represent when they were 40 vs millennials that are currently 40?

Median or average in this case won't really change a thing, as long as both sets of data are the same, the point is that you have yet to provide a source that confirms the conclusion brought forward by your post.

[-] yogthos@lemmy.ml 4 points 1 year ago

Source please, what % of the population did boomers represent when they were 40 vs millennials that are currently 40?

You're the one who keeps trying to make the case here, so why don't you look it up? It's pretty obvious though that it must've been a lot higher than 2.4% (which is the millennial wealth excluding Zucc) in order to get to where it is in the data set. The fact that you continue arguing here instead of pulling up the data really says all we need to know. If you actually cared to prove your position then you'd pull up the numbers the way I did. You don't do that because you just want to troll.

Median or average in this case won’t really change a thing, as long as both sets of data are the same, the point is that you have yet to provide a source that confirms the conclusion brought forward by your post.

Zucc single handedly owns around half the millennial wealth, obviously there's a big difference between average and median wealth.

[-] Kecessa@sh.itjust.works 4 points 1 year ago* (last edited 1 year ago)

You just proved you don't understand what you're sharing. Zuckerberg is 2% of millennial's wealth, not 2% of everyone's wealth 😂 That's 2% of 4.8%!

I don't pull the info because the burden of proof is on you.

[-] yogthos@lemmy.ml 4 points 1 year ago

You just proved you don’t understand what you’re sharing. Zuckerberg is 2% of millennial’s wealth, not 2% of everyone’s wealth 😂 That’s 2% of 4.8%!

I was very clearly talking about millennial wealth there. Work on your reading comprehension.

[-] Kecessa@sh.itjust.works 3 points 1 year ago

It's pretty obvious though that it must've been a lot higher than 2.4% (which is the millennial wealth excluding Zucc)

Were you? Because from the original post it's 4.8% (4.4% based on the other numbers) and Zuckerberg represents 2% of millennial wealth, not 2% of total wealth, which means 4.8% - (2% x 4.8%) = 4.704% or 4.4% - (2% x 4.4%) = 4.312%

Zuckerberg doesn't own 40%+ of all of millennial's wealth which is what you implied by saying that millennials without Zuckerberg = 2.4% (4.4 - 2) of total wealth 🙄

[-] yogthos@lemmy.ml 3 points 1 year ago

Yeah I was, hence why you should spend more time working on your reading comprehension to make your trolling more convincing

Zucc single handedly owns around half the millennial wealth

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this post was submitted on 30 Oct 2023
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