The Daily Show host, South African expat Trevor Noah, has voiced the concern of many about the ‘billionaire games’ that the super wealthy, like fellow SA expat Elon Musk, play with the stock market. Watch below.
The Daily Show, which has almost 10 million subscribers on YouTube, said “Trevor’s no finance expert, but the details of Elon Musk’s Twitter buy seem a little weird.”
Trevor described how for him aspects of the stock market seem a little ‘scam-ish’. Speaking to his audience Between the Scenes, Trevor said he can sort of understand how a businessman worth billions on the stock market can’t pay tax on those billions because the money doesn’t quite exist and the value of the stocks could plummet… but then, he said, how can someone then be allowed to use those same stocks as collateral if that value doesn’t quite exist?
Thousands agreed with Trevor. One YouTube user said: “The stock market is literally a scam.” Another said: “Trevor is right! I think if billionaires use shares as collateral or in any other transactions, the government should tax the shares based on the value stated in the transaction. It is only un-realized if the owner doesn’t use it at all.”
Many were grateful for Trevor’s overview, with one American saying “well explained by Trevor. Brilliant minds like his always find a way to put complex stuff into words that anyone can understand.”
Another added: “Such a brilliant young man! He just broke it down so eloquently and clearly that even a fool could see the games that are being played at the highest echelons of economics.”