Elon Musk needs a few more investor wake-up calls to fall down to third, yet losing close to half of his worth this year, much of it due to being a Nazi promoter, is quite impressive.
Yesterday, because most of Elon’s wealth is tied directly to Tesla stock, he finally fell to second after jockeying back and forth with Mr. Arnault on the Forbes Real Time Billionaire list.
Then there will be the taxes. Oh Lordy, will there be taxes.
It’s unclear if Elon has set aside enough cash on hand to pay taxes on his sale of stocks earlier this year. He needed to do so because the man doesn’t get paid in cash for his job. Instead his pay avoids taxes, storing the wealth in stock options that grant him the right to buy Tesla stock at a very low price. When he did last year liquidate stock to buy otherwise expiring stock options, he paid a record tax bill of over eleven billion.
Congress should put a new tax bracket and/or mechanism to tax stored wealth of American oligarchs.
Relentless and brutal with a smile 😋