Magical Trade
Saturday, September 30, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Elon Musk picked a Twitter fight with Bernie Sanders over tax policy

by
November 15, 2021
in Trade News
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

The Renewable Energy Revolution Is Here: Goldman Sachs Suggests 3 Green Stocks to Buy

S&P 500 Could Reach All-Time High in 2024, Says J.P. Morgan Strategist — Here Are 2 Top Stocks to Bet on It

U.S. Senator Bernie Sanders (I-VT) greets reporters as he arrives for a vote at the U.S. Capitol in Washington, U.S. November 1, 2021.

Jonathan Ernst | Reuters

Tesla and SpaceX CEO Elon Musk sparred with Senator Bernie Sanders over tax policy this weekend on Twitter, and tried to provoke him again on Monday morning.

According to his website, the independent Senator (who generally caucuses with Democrats) is a proponent of transitioning the U.S. energy system to renewables, providing $200 billion to a Green Climate Fund, and other environment-oriented policies that would serve Tesla well.

But he is also a proponent of hiking taxes for the super-rich, as is Oregon Democratic Senator Ron Wyden, who Musk needled on Twitter in a similar exchange earlier in November. Musk, who has the highest net worth in the world today, is staunchly against a so-called “billionaire’s income tax.”

Last week, Musk sold about $6.9 billion worth of stock. (As of Monday morning, Musk still holds more than 166 million shares in the company.) In recent weeks, sales from Musk and other insiders have put pressure on Tesla shares. Last week, Tesla stock declined 15.4%, marking the company’s worst one-week performance in 20 months, and its worst week ever excluding declines in the first quarter of 2020 as the coronavirus pandemic sent markets tumbling. Tesla was down another 3% in late day trading on Monday.

As his sell-off continues, Musk will face a potentially massive tax bill. However, as ProPublica reported, Musk previously paid a 3.27% true tax rate, or $455 million, on wealth growth of $13.9 billion. Musk, who had an actual taxable income of $1.52 billion during the five-year period, paid no federal income taxes in 2018, according to ProPublica.

On Twitter, Sanders has amassed a following of more than 15 million, and Musk has amassed a following of 63.8 million.

On Saturday, the 80-year-old Vermont senator wrote in a tweet, “We must demand that the extremely wealthy pay their fair share. Period.”

Musk replied the next day with, “I keep forgetting that you’re still alive.” Musk also asked Sanders on Sunday, “Want me to sell more stock, Bernie? Just say the word.” Then, the CEO berated the senator saying, “Bernie is a taker, not a maker.”

Musk attempted to engage Sanders once again on Monday.

He asked, “Ok, how much do you think is fair? Does 53% seem reasonable?”

When Sanders did not reply to him, a Musk fan remarked that the senator doesn’t respond to followers on Twitter generally. Musk asked, “How do we know he hasn’t been kidnapped by aliens!?” Musk continued to hold forth on Twitter, discussing his tax policy preferences with fans and followers including promoters of bitcoin and Tesla.

In his tweet exchanges, Musk revealed that he would support an estate tax, and taxes on what he called extravagant consumption.

The CEO also said he currently owns around 20% of Tesla’s stock.

Sen. Sanders and Tesla did not immediately respond to requests for comments.

In 2020, Musk put his California mansions on the market while he was sparring with state health regulators over Covid-19 restrictions that impacted the Tesla factory in Fremont. He then moved to Austin, Texas, near the site of a new Tesla factory that’s under construction.

This year, Tesla moved its headquarters from Palo Alto, California, to Austin, Texas, as well.

Moving from California, with the highest state income tax in the country, to Texas, which has no state income tax, could save Musk billions of dollars based on his compensation package awarded in 2018.

ShareTweetPin

Related Posts

The Renewable Energy Revolution Is Here: Goldman Sachs Suggests 3 Green Stocks to Buy

by
September 30, 2023
0

S&P 500 Could Reach All-Time High in 2024, Says J.P. Morgan Strategist — Here Are 2 Top Stocks to Bet on It

by
September 30, 2023
0

‘Extremely Frustrating’: Homeowner Lives In Van While Deadbeat Tenant Lists Unit On Airbnb — Here Are 2 Hassle-Free Ways To Invest In Real Estate

by
September 30, 2023
0

Elon Musk Urges U.S. To Cut Reliance On Asia For Semiconductor Chips — ‘Fear Of Running Out Is Causing Every Company To Overorder — Like The Toilet Paper Shortage But At Epic Scale’

by
September 30, 2023
0

Microsoft revealed this week that Apple used Bing as a ‘bargaining chip’ with Google, but it reportedly considered buying it and bringing search in-house

by
September 30, 2023
0

Next Post

HUD: FHA'S 2021 Annual Report Shows Increase in Capital Reserves; DTI Remains Elevated

Biden signs $1 trillion bipartisan infrastructure bill into law, unlocking funds for public works

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Interactive Brokers’ Thomas Peterffy sees the stock market dropping another 15% from here

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net