“There Is No Connection Between The Stock Market And Reality:” CEO Breaks It Down

February 5, 2021, 8:26 am*

When the stock market recovered last year after the initial pandemic-induced dive, former President Trump claimed that meant the economy was saved.

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But many people would argue that the stock market does little to reflect the reality of life for most Americans. It’s a playground for wealthy elites, and while the GameStop saga showed us that it’s totally possible for “regular” folks to make tons of money off stocks if they play their cards right and get really, really lucky, ultimately, it just doesn’t impact most of us the way it does billionaires and corporations.

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CEO Dan Price, who you may remember as the guy who famously slashed his salary back in 2015 so that he could pay all of his employees a minimum of $70,000, took to Twitter earlier this month to explain his thoughts on why “there is no connection between the stock market and reality.”

Price pulled out examples of specific companies that utilized the stock market to make themselves and their high wage earners rich, while those already making less money paid the consequences.

First, the airlines.

The greed of airlines may go down in history, and was a point of heated discussion during COVID-19 relief talks, as many feared if industries were bailed out, they would keep engaging in bad practices.

There is no connection between the stock market and reality.

A thread:

1. Airlines spent 96% of free cash flow on stock buybacks for a decade, then cut 90,000 jobs as soon as trouble hits. Then they got a $50 billion bailouthttps://t.co/9vwa4TpaSn

— Dan Price (@DanPriceSeattle) February 1, 2021

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There are also these GE shenanigans.

DanPriceSeattle/Twitter

And JC Penney.

Their CEO got rich even as the stock plummeted, the store went bankrupt, and thousands were laid off.

DanPriceSeattle/Twitter

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Boeing.

They get their own tweet due to the millions they paid their CEO to leave.

And Albertson’s.

The grocery store fired its delivery drivers so it could use gig workers instead, while stock was at a record high.

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Coca-Cola recently laid off a bunch of workers as well.

The stock market also reacts strangely to tumultuous events.

DanPriceSeattle/Twitter

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And as we all know, the rich simply got richer during the pandemic while everyone else struggled.

8. As part of the first stimulus, the Fed pumped about $3 trillion into the stock market, which helped it soar to record highs. At the same time, a record 30% of small businesses failed and unemployment tripled.

— Dan Price (@DanPriceSeattle) February 1, 2021

12. Disney stock is up 21% in the past year to a new record high. In recent months they laid off 32,000 people.

One of our employees lives near Disney World. Recently there was a line of cars outside his house for a drive-thru food bank 7.5 miles away.https://t.co/EUVAJmc474

— Dan Price (@DanPriceSeattle) February 1, 2021

16. On one day in November:
*The stock market hit 30,000 for the first time
*Elon Musk became first person to gain $100 billion in a year
*A Census report revealed 6 million people face imminent eviction

— Dan Price (@DanPriceSeattle) February 1, 2021

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Price’s tweets continue, and are a sobering read for anyone who still isn’t convinced that income inequality is a real issue in the United States — or believes that the health of the stock market is in any way genuinely connected to the lives of everyday Americans.

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*First Published: February 5, 2021, 8:24 am