On the Internet, No One Knows You’re Not Rich. Except This Account.

On the Internet, No One Knows You’re Not Rich. Except This Account.

This is an interesting article from New York Times contributor Taylor Lorenz who looks at how one Instagram user is exposing phony young entrepreneurs. They claim to have become wealthy through legitimate means, yet often dupe their followers into believing that pictures of them sitting in private jets or on expensive cars means they own them. They use this social capital to sell get rich quick schemes to the unsuspecting and often vulnerable people that follow them on Instagram. 

Social Class and Capitalism

Social class in America is shaped in large part by our capitalist economic system.
The higher income stratification of our social class system consists of wealthy people who own valuable assets. Often the assets they own are part of corporations that they also own or have an equity stake in. People who own equity in corporations can be owners, shareholders, shareholders of parent companies, holders of bearer shares, and numerous other ways that allow them to exercise control and derive profit from companies. Therefore, I will refer to these people as ultimate beneficial owners (UBOs). These people are sometimes public figures but more commonly they are private individuals who demand anonymity to limit liability, scrutiny, and taxation. People often think of corporations as giant faceless entities, yet there are real living breathing people who own and control them.