Posted on 03/16/2023 1:13:20 PM PDT by Red Badger
Charles Schwab’s fortune has gone down considerably after SVB’s collapse. No American billionaire lost more than he did in 2023. Ahh…Charles needs to become less WOKE.
“According to the Bloomberg Billionaires Index, which monitors the real-time wealth of the richest people on earth, Schwab has personally lost around $3 billion in the wake of SVB’s failure,” reports Yahoo.
Charles Schwab Corp.
Yahoo reports, Charles, “who founded discount brokerage Charles Schwab Corp. in 1971, now has a net worth of $9.99 billion, according to Bloomberg’s estimates, making him the 183rd wealthiest person in the world.
“The Bloomberg Billionaires Index shows that Charles’s fortune fell by 7.7% on Monday thanks to the brokerage’s tumbling share price—a personal loss of $828 million.”
He had a big stake in SVB, the Silicon Valley Bank for billionaires. Don’t worry; Biden will bail him out through the FDIC and the Treasury, which somehow won’t be US taxpayer money. Although, the government has no money, just taxpayer money.
THE WOKE STOCK NOSEDIVED
Charles’s stock nosedived with the bank’s failure. Schwab is still confident in their approach, and you should still trust them.
“Schwab’s long-standing reputation as a safe port in a storm remains intact, driven by record-setting business performance, a conservative balance sheet, a strong liquidity position, and a diversified base of 34 million+ accountholders who invest with Schwab every day,” Schwab and Bettinger said. “As such, we remain confident in our approach and in our ability to help clients through all kinds of economic environments,” Yahoo reports.
I need more details than this article gives out. So he lost a lot of money personally owning the stock. Did he have funds on deposit there also? Lots of details. This article didn’t even bother to put out so it’s hard to know exactly what his losses were.
I believe it is actually 7 Trillion of assets. Yes, too big to fail. However, having done my research on this they are as safe and conservatively managed as can be with excellent investor safeguards.
For one, they do not engage much in the way of derivatives with investor cash or assets.
Secondly, if for whatever reason the brokerage goes belly up, your shares of stocks are safe as they have built in stock custodian protections in which the shares would simply be transferred.
In theory, this is about as safe as one can get.
Yes, On Rodeo Drive.........................
That’s why I’m with them. Not sure about Chuck himself, but historically Schwab has been a pretty conservative company.
No, no, no!
“The Bloomberg Billionaires Index shows that Charles's fortune fell by 7.7% on Monday thanks to the brokerage's tumbling share price—a personal loss of $828 million.”
Schwab stock (SCHW) fell from $76.20 on March 8th, the day SVB announced they sold US Treasuries at a loss, to $51.91 on March 13th, the Monday after the bank was seized.
A decline of $24.29, almost one-third. He owns just over 100 million shares.
I've seen no evidence that he owned any shares of SVB, his decline in net worth is probably entirely due to the drop in Schwab stock.
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