EeZTarget t1_jcp0i2f wrote on March 18, 2023 at 1:34 PM

Reply to comment by [deleted] in Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

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.

EeZTarget t1_jco48sd wrote on March 18, 2023 at 6:52 AM

Reply to comment by anonymous_lighting in Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

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.

EeZTarget t1_jcl17x3 wrote on March 17, 2023 at 4:31 PM

Reply to comment by [deleted] in Peter Thiel says he had $50M in SVB when it collapsed. by PossessionStandard42

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.