No sooner said than done: Elon Musk began selling a portion of his Tesla stock, putting more than $ 5 billion in shares back on the market this week. In short, he respected what his Twitter followers had decided to ask if he should sell 10% of the shares he owns, in order to prepare to pay a large amount of taxes.
It all stems from the proposal of the Democratic Senator of the United States Ron Wyden to institute a tax designed specifically for billionaires. What happens very often is that great entrepreneurs like Musk – but not only, of course – do pay in shares and options on shares, assets on which, however, taxes are paid only at the time of sale. Considering that these assets can be used as collateral to borrow money and that they often appreciate over time, effectively covering the debt “by themselves”, it is easy for the ultra rich to create a circle in which the sale of their assets does not take place. never and taxes, consequently, are never paid.
This billionaire income tax, if it were to come into force, would change things and hence the Twitter poll and discussion of the last few days. In total, more than 3.5 million people answered Musk’s question with 57.9% of respondents expressing themselves favorably..
To complete the sale of 10% of its share package it will still take a few days / weeks, considering that the shares cannot be sold all immediately so as not to have an impact on the price at which the share is negotiated – TSLA has still lost about 13% in the last five days. Among the shares sold there are also 2,000,000 shares that Musk had just acquired thanks to an option entered into in 2012 at a price of just over 6 dollars.