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[deleted] t1_jckul91 wrote

[deleted]

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EeZTarget t1_jcl17x3 wrote

Yeah, because he was a co-founder of PayPal, he/company sold PayPal stock to himself for a fraction of a penny in his Roth. The initial $2000 IRA contribution grew to $5 billions tax-free.

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anonymous_lighting t1_jcnxxtt wrote

tough to blame him. built a company & sold

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EeZTarget t1_jco48sd wrote

I’m not blaming him. Just pointing out that he took advantage of a loophole in ROTH IRA to further enrich himself. None of us ordinary people is able to buy companies worth millions of dollars for $0.001 per share.

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wingnutf22 t1_jcl4n0j wrote

Quick google search said 4.7billion (not verifying just ball park) , 50 million is only about 1.2% of this guys net worth. So yeah 100% chump change for him.

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slayer828 t1_jcmfgbh wrote

How? Roths are supposed to have a yearly cap...

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[deleted] t1_jcmgawj wrote

[deleted]

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EeZTarget t1_jcp0i2f wrote

PayPal was never worth pennies, but he was able to give it to himself for a fraction of a penny because he was a founder.

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Crazy-Inspection-778 t1_jcmg8td wrote

You can buy options and other high-returning investments in them though. In this case he bought 1.7 million shares of paypal in 1999 for $1700

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themorningmosca t1_jcovc8w wrote

One billion seconds is much longer than one million seconds. Specifically:

One million seconds is equal to approximately 11.57 days (1,000,000 seconds / 86,400 seconds per day). One billion seconds is equal to approximately 31.71 years (1,000,000,000 seconds / 31,536,000 seconds per year). Therefore, one billion seconds is roughly 86,400 times longer than one million seconds.

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a_crusty_old_man t1_jcpg1f8 wrote

I was with you till your last sentence. They’re both exactly 1000 times each other, though.

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themorningmosca t1_jcph5tu wrote

I was going for a gag:) like the teacher that says read all the directions on a test before starting then the last question says do nothing… and then we play Heads Up 7 Up.

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a_crusty_old_man t1_jcphrxh wrote

I almost asked if you were going for something like that. I thought it was a meme I hadn’t seen.

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