The Daily Show: Ears Edition - Elon Musk’s Billionaire Games - Between the Scenes

Episode Date: May 15, 2022

Trevor’s no finance expert, but the details of Elon Musk’s Twitter buy seem a little weird. See omnystudio.com/listener for privacy information.

You're listening to Comedy Central. I'm by no means an economist, no am I an expert on stock markets and all things finance related but you have to admit a lot of what happens on Wall Street seems like a scam. Like I really, like today was one of the strangest things to read. It was yesterday, stock market goes up. Why does stock market go up? because they say they were happy that Jerome Powell said they would, the Fed would would would would would never the the the the the th would never th would never never never never never never never never never never never never never the Fed would never the the the the think, think, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. No. No. No. No. No. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no.e, th.e, th.e, th.e, th.e, thi.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e.e. the. the. the. the. the. the. th., stock market goes up. Why does stock market go up? Because they say they were happy that Jerome Powell said they would, the Fed would never increase the interest rate by more than half a percent. So they

were like, yeah, and then they were like, yeah, and then they were like, yeah, and then, then they were like, yeah, and then thrown. And then thi, throwne. And tho they, they, they, they, they, they, they, they, they, they was, their, their, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, the market, their, their the market the market, the market their their their their their their their their their their their their their their their, their, their, their, their, their, their, their. their, their. their. their. their, the Fed. the Fed. the Fed. the Fed. the Fed. the. the. the. the. the. the. the. the. the. the. th. the. the. the. the. the. the Fed, the Fed, the Fed, the Fed, wait wait wait wait wait wait first of all how does that happen how is market changing because somebody didn't read something or understands and all of you at the same time and then secondly why do markets do that does that make sense like that's something where I was like why do markets have the ability to do that why it was like jumping in fortunes then going down and like all of it this is like a like a like a like a like a like a like a like a like a like a like a like a sc sc sc sc sc like a like a like a like a like a like a th like a th like a th. like a th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. thi th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. they. they. they. they. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they're. they going down and like all of it this is like a like a scamming nature to the whole thing and I think they've tricked everyone into going like no it's the economy it's for you it's for you it's for you all of good economy good for you and you're like is it though for everyone it's like yes good for you and I get it for like a to people's retirement and I get it for like thr the people's the people's the people's the people's the people's th for people's their their th for people's th for people's their their their th. their their their their th. th. th. th. th. thi thi. thi. thi. thi. their. thi's thi. thi. thi. thi. th. th. th. th. th. I's like, th. I's their th. I's th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. th. their their their their th. I's th. I's their the. I's the. I'm they's they's the. I'm they's they're they're they're they're they're they're they're they're they're they're they're they're they're they're those aspects of it. But I've realized there's so many things that are like designed in such a slick, scamming

way. Like, Elon Musk, Twitter thing is one of the best examples, right? People argue that you cannot tax billion on the shares that they hold in a company because it is an unrealized gain, right? So they go like, yeah, you're worth $300 billion, but we can't tax you on those stocks because you haven't sold the shares, so you don't like have the money, but you don't have the money.

And so I understand the argument. They go like, no, you don't have it. It's just what it's worth, because it also crash. And then you have nothing, so the the the they. So they. So they. So, so they. So, so they. they. they. they. they. they. they. they. they. they. thin. thin. thin. tho, you haven't tho, you haven't they. they tho, you haven't tho, you haven't tho, you haven't tho tho tho tho tho tho tho tho tho tho tho th. th. th. th. You their their their their their their their their their their their their their their th.. th. th. thi. thi. thi. thi. thi. thi. tho. tho. thooooooooooo. thee. thoa. thoa. thoa. thoa. thoa. thoa. thooooo okay, I understand that. So you can't tax the people on a thing because they don't have it. It's just there. Okay, fine. Then Elon Musk offers to buy Twitter. All right? He offers to buy it. And then he says, in his offer, he goes, I'm putting up my Tesla stock as collateral. Then I'm like, so you do have it. And he's like, no, no, no, no, the th. th. th. th. th. th. th. th. th. the the the the they. they. they. I I I I I'm they. I'm they. I'm they. I'm they. I'm they. I'm they. I'm th. they. they. they. they. they. they. they. It's, it. It's, it. It's, it. It's, it. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. It's. I. I. I. I. I. I. I. I. I. I'm. I'm. I'm. I'm. I'm the. I'm the. I'm just. the. th. I'm just. the. the. the. the. the. the. the. I's just. the. the. I'm. It's the. It's. It's. It's. I'm like, so you do have it? Then he's like, no, no, no, no, I don't have it. I don't have it. I'm just going to say it's collateral. So then they accept the offer. He now buys Twitter.

Now that they've accepted his offer, he now goes to private equity and banks and other rich people and whatever. He goes like, can you guys borrow me the money to buy Twitter. And then he's like, I want to buy Twitter because I don't want to sell any of my Tesla shares. So I want to use your money to buy Twitter. And then it's like, but then they're like, what are we loaning against? And he's like, well, my Tesla shares.

Then I'm going like, wait. So you can buy a thing based on what you have, yes, but when we want to tax you, you can say, I don't have it. Do you hear what I'm saying here? And now, like, just think of like the illogic of, it's like it's such a fun game that like billionaires get to play because all their money is in that, right? Like, if you earn your money as a salary, that your money just gets taxededed, that's, that's, that's, as a salary, your money just gets taxed, that's it. You can't be like, the IRS comes and you can't be like,

I don't have that money. You can't be like, that money's in the bank, I don't have that money. What money? It's in the bank. their, thi. We've got your pin number. We'll handle this. Right? But then, if you have billions in shares, you can then use that as money to then get more money, but not get taxed on any money

because you don't have money. And now, I'm not saying that you should tax people based on an unrealized game, because I understand for a market and an economy that might be crazy. But I am saying, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it, it seems, it seems, it seems, it seems s seems, it seems, it seems, it seems, it seems, it seems, it seems, it seems, it seems, it seems, it seems, might be crazy. But I am saying, it seems to me that you then shouldn't be able to use a thing that's unrealized as collateral. Watch the Daily Show, weeknights at 11, 10 Central on Comedy Central, and stream full episodes anytime on Paramount Plus.

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