This came one right after the Build Back Better got approved. He appairently sees the very real possiblility that the rich will have to pay taxes, likely higher than if he took the money now. His tweet is a joke, I think he plans on selling some now to reduce his future tax impact. If my theory is true, other multibillionaires will also do this prior to the end of the year. This flood of sells on the market will result in economic pressure for stock prices to drop. Look for a down 4th quarter.
This is a highly slanted title. Here's a better one:
"I propose selling 10% of my stock. I will abide by the results of the poll"
Genuinely curious, if Elon takes home zero salary and does not sell any stock, how does he fund a rich lifestyle?
My taking loans using his stock as collateral, he then gets to claim the associated expenses as losses while claiming no gains.
Why can't we add a law to prevent instead of this weird wealth tax?
A wealth tax is both tidy and more general.
I'm not sure his lifestyle is that rich. He sold all his homes not too long ago and apparently lives in a tiny home built by some company he is invested in. He probably travels via private jet, but maybe that's a business expense?
Perhaps dividends? Interest on deposits and investments? I would hypothesis that if a person has ten million euros sitting in a bank somewhere, it's not just sitting like dead trees, but perhaps earning interest. Musk does not seem to have too extravagant of a lifestyle, so I presume on what evidence there is, that everything is likely owned and paid for by his companies, as expenses, etc.
>Elon Musk has US$548 million in personal loans from Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp., according to a regulatory filing Thursday, an increase of about 8 per cent since Tesla’s previous disclosure in May.