Monday, February 11, 2019

Why ex-Starbucks boss Howard Schultz doesn’t like the word ‘billionaire’

Howard Schultz is one of the richest people on the planet — but don’t ever call him a billionaire to his face.

The former Starbucks CEO, who has an estimated net worth of $4.7 billion, made some surprising comments during a recent Q and A on wealth with journalist Andrew Ross Sorkin.

When he was asked whether billionaires had “too much power in American public life”, the discussion took a bizarre turn, with Mr Shultz taking issue with the common and factual term “billionaire”.

“The moniker ‘billionaire’ now has become the catchphrase,” the 65-year-old said in response. “I would rephrase that and say that people of means have been able to leverage their wealth and their interest in ways that are unfair.

“And I think that speaks to the inequality but it also directly speaks to the special interests that are paid for people of wealth and corporations who are looking for influence and they have such unbelievable influence on the politicians who are steeped in the ideology of both parties.”

His statement has gone viral on Twitter, with social media users quick to share a laugh at the billionaire’s expense.


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