Thursday, June 20, 2024

Index – Tech-Science – Why Did Elon Musk Sell Billions of Dollars in Tesla Stock?


Four days after Elon Musk asked on Twitter if he would sell 10 percent of his own Tesla shares to pay taxes on them, the richest man in the world is worth $ 5 billion. redeemed shares of his company, according to a report published by the United States Securities and Exchange Commission (SEC). documents.

The value of the shares sold is not expected to stop at $ 5 billion if Musk keeps his word and actually diverts ten percent of his $ 240 billion stake in his company.

The Tesla leader likely responded to the ongoing debate that the wealthiest, including Musk, do not receive salaries from their companies for tax evasion purposes, but instead accumulate unrealized profits. Elon Musk, for example, will not be paid for his position as CEO, but will be compensated in gift stock. By law, Musk is not required to pay taxes on these gift shares until he transfers them, writes Verge. Musk has not sold his own shares in recent years, but has used this accumulated wealth in the form of shares as collateral to borrow money.

Proposed by Oregon Democratic Senator Ron Wyden, a Billionaires Income Tax it would tax capital gains in the same way as income, even if the latter is unrealized gains. Myden responded to Wyden’s suggestion with a vote cast on Twitter, and then when Wyden indicated that he did not believe a community site should decide whether to pay taxes to the richest man in the world. That’s all about it reactedwho asked the senator why he looked in his profile picture as if he had enjoyed it just before the picture was taken?

The first of Wednesday’s SEC transactions included the two million shares Musk received from the company in 2012, the sale of which was announced in September this year. Code conference has already spoken at an event. In the second transaction, more than that option is stated in a document published by the SEC, after which Musk will continue to have significant income after taxes are paid. And with this, the richest man in the world, who has so far claimed that he does not have a tangible fortune, will no longer be rich not only on paper but also in practice.

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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