Elon Musk’s Net Worth Drops $15 Billion In One Day And He Has Now Sold $11 Billion Worth Of Tesla In The Last 25 Days!

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(*25*)splits: 14

(*25*)This is a fast breakdown of Elon Musk’s net worth over the past 45 days:

  • October 21: $250 billion
  • October 30: $300 billion
  • November 1: $335 billion
  • November 4: $340 billion
  • November 9: $300 billion
  • November 14: $285 billion
  • November 18: $290 billion
  • November 30: $300 billion
  • December 2: $285 billion
  • December 3: $270 billion

(*25*)As you may see, Elon’s private fortune has been driving fairly the curler coaster not too long ago thanks nearly fully to the up and down inventory worth of Tesla.

(*25*)On November 4, Tesla hit an all-time excessive of $1,243 per share. At that degree, Elon’s net worth briefly hit $341 billion. That allowed him to formally surpass John D. Rockefeller as the richest person in modern history. Tesla closed on November 4 at $1,229. At that degree Elon ended the day in a lifeless tie with Rockefeller.

(*25*)At this Friday’s closing worth of $1,014, Elon’s $270 billion net worth is $70 billion down from its all-time excessive. I do not understand how he’ll make-do. Ideas and prayers to the dogefather.

(*25*)On the intense aspect, even with that main drop Elon remains to be comfortably the richest person in the world. He truly dropped a full $15 billion in a single day Friday, however his $270 billion net worth nonetheless tops Jeff Bezos by $75 billion.

(*25*)(Photograph by PHILIP PACHECO/AFP by way of Getty Photos)

(*25*)One might argue that Elon’s personal share gross sales are exacerbating his wealth drop. In the final 25 days, Elon has bought $11 billion price of Tesla. Simply final week he bought 934,091 shares for a roughly $1 billion windfall. Have to be good, proper?

(*25*)That is $11 billion transformed straight to money that is now sitting in a financial institution electronically like this:

(*25*)$11,000,000,000

(*25*)Earlier than you get too excited and picture Elon splurging on an precise Scrooge McDuck pool of cash along with his $11 billion, there is a decidedly much less horny purpose for the current inventory gross sales. Elon must hoard cash to pay an upcoming massive tax bill.

(*25*)As we detailed final month, Elon faces a $10+ BILLION tax invoice over the approaching months associated to inventory choices that have been granted in 2012. Again in 2012 Elon was awarded 22.8 million shares at a strike worth of $6.24 per share. By our estimate, primarily based on Tesla’s current share worth, Elon has skilled a roughly $24 billion achieve thanks to those choices. Choices are taxed even should you do not promote them so Elon is on the hook for round $10 billion price of revenue taxes to the IRS and state of California.

(*25*)I do know what you are considering… Did not Elon transfer to Texas??!! Why is he nonetheless paying California??!!

(*25*)It’s true that by shifting his full-time residence to Texas, Elon will not be topic to any state revenue taxes. That is an especially good transfer for somebody who will doubtlessly promote 100 billion {dollars} price of inventory over the approaching many years. Sadly for Mr. Musk, California tax collectors are notoriously stingy and strict in the case of individuals fleeing the state.

(*25*)First off, it is nearly definitely true that California will contemplate Elon a resident in 2021 since he didn’t formally make the transfer to Texas till someday in late June/early July. On the very least California will doubtlessly contemplate Elon a partial resident for the yr. One other problem is that California will declare Elon was a resident of California when the revenue was truly earned and due to this fact he is on the hook for the total invoice.

(*25*)And do not suppose for a minute that California will not launch its auditing hounds to show precisely when Elon left, if he ever got here again and if he is really residing that Texas life. I’d too if somebody owed me billions!


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