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Yes, this doable. In this scenario you pay 3% on effectively 200 million loan, effectively 6 million of interest every year. Leverage isn't free money - it requires an extremely careful risk management. The moment your assets lose part of their value or interest rates go up, you're royally fucked
I did something like this when crypto trading, and it's an exceptionally difficult thing to manage. Leveraging youself is not free money - you're trading exposure for risk and interest.
I imagine a lot of people like that got WIPED during the 2008 financial crisis. Running this strategy with a single asset type also exposes them to additional risk.
As for Elon and SpaceX IPO I'm amazed how many people willingly bought that garbage. Don't weep for the stupid, you'll be crying all day. That 401k situation is horrible tho.
So I think the issue here is you fundamentally misunderstand the level of wealth that the ownership class owns.
Sure, plenty of people doing this get wiped during economic recessions, because much like crypto bros, they're gamblers with delusions of grandeur. The people that are the problem didn't get wiped, they got government bailouts.
Edit: and even if they are getting wiped, my point still stands: they aren't paying taxes.