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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Optionality: Why the Real Luxury Is Control
Second passports, credit lines, family offices, record cash piles — the top end of wealth keeps buying the same thing in different aisles: options.
