The Margin Call: When Billionaires’ Pledged Shares Fall
Mat Ishbia pledged most of his UWM stake for $2.3B in loans and bought the Phoenix Suns. Then the stock halved. What a margin call actually looks like at the top.
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Net Worth Is Not Net Worth: How Billionaire Fortunes Evaporate on Paper
A billionaire “losing $18 billion in a day” didn’t lose money. Here’s what the headline net-worth number actually measures, how Forbes and Bloomberg build it, and what it would really be worth if anyone tried to spend it.
