That is the fallacious paper millionaire argument. They have more than enough liquidity, can take loans against their “non-liquid” wealth, and are anyway working with multi-year plans to sell assets and have enough liquidity. I believe this is also explained in https://mkorostoff.github.io/1-pixel-wealth/ and there they also explain that the US market cap is bigger than their stocks and so. So they could sell a lot in one go, of course losing “efficiency”, but the market would be able to cope without any issue.
I think we are on the same side here judging from the rest of your comment, but I find it important to refute this typical argument, because it does not help that there is some sort of billionaire apologism by saying that they “don’t actually have this money in their bank account to spend”.
That is the fallacious paper millionaire argument. They have more than enough liquidity, can take loans against their “non-liquid” wealth, and are anyway working with multi-year plans to sell assets and have enough liquidity. I believe this is also explained in https://mkorostoff.github.io/1-pixel-wealth/ and there they also explain that the US market cap is bigger than their stocks and so. So they could sell a lot in one go, of course losing “efficiency”, but the market would be able to cope without any issue.
I think we are on the same side here judging from the rest of your comment, but I find it important to refute this typical argument, because it does not help that there is some sort of billionaire apologism by saying that they “don’t actually have this money in their bank account to spend”.