No. I’m referring to how over half the money came from Morgan Stanley and Bank of America. It’s other people’s money, not his.
I also made reference to how he doesn’t have to pay tax on unrealized gains, so he isn’t taxed on his 200 billion wealth. But through banks, he can still spend it all he wants.
Elon Musk’s ‘wealth’ is stocks in Tesla/SpaceX. He has some cash income. Last year, he paid 30% taxes State (California) and Federal. His tax was ~10Billion $. Rest of Elon’s ‘stock wealth’ is imaginary and can only be ‘realized’ by selling. If Tesla stock price crashes, Elon’s ‘stock wealth’ disappears.
‘Unrealized gains’ is dumb. Tesla up 2% ? - > Make Elon pay -> Elon doesn’t have cash ? -> Force to sell stock -> Tesla stock crashes on Elon selling -> Elon’s ‘stock wealth’ disappears -> IRS refunds Elon. Not only will Elon lose money, hedge funds, banks, 401Ks with Tesla stock in their portfolio - innocent people - will lose money too. Great job !
IRS collects tax when you SELL the shares, not ‘imaginary stock wealth’ that could change every hour, rather cold hard cash. This is practical. Musk cannot buy food with Tesla stock, he has to sell it for cash.
Why did the Banks give Musk money ? Because Elon put his Tesla shares as collateral. This is the same as mortgaging your house. If Elon does not repay WITH INTEREST, he will lose the stocks.
If you consider a Bank Loan to be a handout, you are ignorant of basic finance
No. I’m referring to how over half the money came from Morgan Stanley and Bank of America. It’s other people’s money, not his.
I also made reference to how he doesn’t have to pay tax on unrealized gains, so he isn’t taxed on his 200 billion wealth. But through banks, he can still spend it all he wants.
Elon Musk’s ‘wealth’ is stocks in Tesla/SpaceX. He has some cash income. Last year, he paid 30% taxes State (California) and Federal. His tax was ~10Billion $. Rest of Elon’s ‘stock wealth’ is imaginary and can only be ‘realized’ by selling. If Tesla stock price crashes, Elon’s ‘stock wealth’ disappears.
‘Unrealized gains’ is dumb. Tesla up 2% ? - > Make Elon pay -> Elon doesn’t have cash ? -> Force to sell stock -> Tesla stock crashes on Elon selling -> Elon’s ‘stock wealth’ disappears -> IRS refunds Elon. Not only will Elon lose money, hedge funds, banks, 401Ks with Tesla stock in their portfolio - innocent people - will lose money too. Great job !
IRS collects tax when you SELL the shares, not ‘imaginary stock wealth’ that could change every hour, rather cold hard cash. This is practical. Musk cannot buy food with Tesla stock, he has to sell it for cash.
Why did the Banks give Musk money ? Because Elon put his Tesla shares as collateral. This is the same as mortgaging your house. If Elon does not repay WITH INTEREST, he will lose the stocks.
If you consider a Bank Loan to be a handout, you are ignorant of basic finance