Gregory Baszucki's $68M IRA: How a Roblox insider used his Roth account for wealth growth
Gregory Baszucki, the brother of Roblox CEO David Baszucki and longtime board member, reportedly holds over $68 million in retirement accounts. He accumulated two million shares of Roblox before its public listing through his Roth IRA and sold a portion after the IPO to avoid capital gains taxes. This strategy is part of a growing trend among ultra-wealthy individuals who use tax-advantaged retirement accounts like IRAs or 401(k)s to invest in undervalued private companies, allowing them to grow their wealth while minimizing tax liability. According to data from the Wall Street Journal, over 1,000 people had IRA balances of at least $25 million as of 2024 — more than double the number reported in 2019. The practice has drawn scrutiny after high-profile cases like Mitt Romney's and Peter Thiel’s massive retirement account gains. In response, Democrats Senator Ron Wyden and Representative Richard Neal introduced a bill on July 22 to require annual withdrawals from accounts exceeding $10 million. The Joint Committee on Taxation estimates that tax breaks for these retirement vehicles cost the federal government over $249 billion in revenue in 2025. Critics argue this creates an unfair advantage and call it a loophole Congress must close.
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Topics: Gregory Baszucki IRA Roblox shares Wealth accumulation