The only truth behind the conventional “wisdom” that a billionaire made penniless could become a millionaire again within a year is ENTIRELY DEPENDENT upon their social capital. If you’re a famous billionaire, you’ll have people willing to throw money at your nonsense investment opportunity based purely on your name and former status.
If you’re some guy nobody’s ever heard of with some daddy money and you somehow manage to lose it all, you’re fucked. This guy will never admit he was wrong, he was simply failed due to regulation or something.
i saw a twitter thread on this and IT’S EXACTLY WHAT HAPPENED. he used whatever social media pull he still had to create a startup for coffee sales or some shit.
It was a “coffee for dog lovers” business. Just the dumbest mad-libbed business bullshit you could come up with. Self-parody.
And he wasn’t even homeless because of it. He spent a night or two role-playing by sleeping in a park (do you think the police would move this guy on after he explained his ‘predicament’?) and then one of his ‘followers’ gave him an RV to live in, which he later sold back to the donor lol.
