The global economic impact associated with the coronavirus crisis cannot be underestimated. Not all companies or projects are worth bailing out, according to Chamath Palihapitiya.
It is evident that there will be global repercussions due to the coronavirus crisis.
Coronavirus is Capable of Wiping out Several Hedge Funds
Not every company, service provider, or project will survive the onslaught.
Even so, governments are desperately trying to bail out the “elite” in various ways once again.
It seems as if no lessons were learned during the 2008 financial crisis, and things will not improve this time around either.
Chamath Palihapitiya, the CEO of Social Capital, is well aware of what is going on right now.
In his opinion, billionaires and hedge funds have to be the first ones to go.
The coronavirus crisis is a perfect catalyst for addressing financial and economic injustice on a global scale.
As such, it needs to be taken advantage of.
Chamath Palihapitiya is confident that hedge funds that are currently struggling should be wiped out, instead of dragging the economy down even further.
The same applies to billionaires, as they should be helping with financial relief, rather than reaping the benefits granted to everyone else.
It will be interesting to see how things will play out once the coronavirus crisis comes to an end