News

32926 readers

2689 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago

MODERATORS

JonsJava@lemmy.world

gedaliyah@lemmy.world

little_cow@lemmy.world

339

We’re in big trouble’: pope concerned at Elon Musk’s trillion-dollar proposed pay (www.theguardian.com)

submitted 1 month ago by SLVRDRGN@lemmy.world to c/news@lemmy.world

20 comments fedilink hide all child comments

Pope Leo said “we’re in big trouble” when it comes to the ever-widening pay gap between the rich and poor, citing Elon Musk, who may be on course to become the world’s first trillionaire.

Leo made the remarks while criticising executive pay packages during his first interview with the media.

Reflecting on why the world was so polarised, he said one significant factor was the “continuously wider gap between the income levels of the working class and the money that the wealthiest receive”.

“CEOs that 60 years ago might have been making four to six times more than what the workers are receiving … 600 times more [now],” the pontiff said in excerpts of the interview conducted by Elise Ann Allen, a senior correspondent with the Catholic newspaper Crux as part of a forthcoming biography.

Earlier this month, the board of the electric car maker Tesla said it had proposed a new trillion-dollar pay package for Musk, its chief executive and largest shareholder, if he hit targets set by the company.

Outlining the incentive package, which is unprecedented in corporate history, in a stock market update, the company said: “Yes, you read that correctly.”

The pope, who turned 70 on Sunday, has so far shown to be much more low-key than his predecessor, even if they shared similar progressive political views.

Francis often clashed with the US president, Donald Trump, over his hardline immigration policies, while Leo, formerly Cardinal Robert Prevost, also criticised Trump’s policies on his X account before becoming pope.

you are viewing a single comment's thread
view the rest of the comments

[–] manxu@piefed.social 8 points 1 month ago

That is in fact the Great Capitalist Attractor, one of the stable solutions of Capitalism, the Mathematical Simulation. One person owns everything, everybody else relies on the One Person for economic output.

We are already dangerously close to this. The economy of the USA is dominated by spending by the wealthy. The under-wealthy have so little, their economic activity is becoming irrelevant; also, their spending is for life sustenance, so they can't spend less than they do.

It seems to be the reason why stocks have been decoupled from basic economic activity for a while now. Stocks rely on spending by the wealthy, since only the wealthy can afford stocks, and the wealthy love stocks as more sophisticated tulips. Did you notice that TSLA, a company with catastrophic losses in sales, is still going up in price?