The inventor of Tesla and PayPal, as well as one of the bravest entrepreneurs and scientists in the world, the one who wants nothing less than to get to the moon and build a city on Mars, returns to be talked about. Elon Musk he made another.
The Tesla CEO he agreed to pay some tax on his $ 300 billion fortune, but only to be able to increase his wealth even more.
After a survey on Twitter where he asked his followers to decide for him whether or not to sell 10% of the quotes of his empire to pay income taxes.
Fans have expressed a positive opinion, in doing so, the cofounder and CEO of Tesla has sold about 5 million shares of his company, for a thousand dollars each, but only to buy back half of them for 6.24 dollars a share: another genius of his.
The tax burden does not concern equities
In the United States, equity is not taxed until the securities are sold on the market. Because of this Elon Musk asked his followers to sell Tesla shares or not. At the time of sale, the taxation on the profits obtained is made by a tax ranging from 15 to 20%.
Before that, Musk only owned money in the form of shares. Thus, not receiving a salary from Tesla and having a wealth consisting only of shares, Elon Musk, the richest man on the planet, has not paid a dollar in taxes for about 5 years. That is, since the last time he sold shares.
After the election of Joe Biden to the White House, the debate on the issue of taxation of the stocks of the super rich has rekindled in the USA.
For this reason Musk launched his provocation on Twitter, attempting to reverse the situation on his side: showing himself close to public opinion, willing to do his part and, above all, to demonstrate that he can be autonomous and that he does not need state regulations to pay taxes: I do everything myself allowed by the capital of genius South African.
The decision of Musk has been heavily criticized by industry experts, according to whom whether or not having to make a billionaire pay taxes is not feasible via a Twitter poll: it is the state that must act in this case.
What specifically did Musk do
After earning approx 5 billion dollars Following the sale of 4.5 million shares – just 3% of his personal stakes in Tesla – Musk repurchased 2.1 million for $ 14 million, paying them $ 6.24 each instead of the $ 1,000. to which he initially sold them.
This process was possible thanks to the cd stock option, that is, the possibility of buying a security at a predetermined value regardless of the price changes that have occurred over time.
Musk’s act is configured in that category of financial crimes called stock manipulations, which corresponds to fraud and is based on speculation in the purchase and sale of securities or shares on the basis of confidential information.
Evidence of what the Tesla CEO were communicated by Security and exchange commission, the US federal body in charge of stock exchange supervision, which should intervene and sanction the billionaire for behavior bordering on lawfulness.
In short, another victory for a billionaire and another defeat for the state and the poorest people. Unfortunately, capital, in the modern world, and perhaps even in human history, makes a difference.