February 17, 2022, 0 Comments
You have to be kidding me; Elon Musk also wants to get rid of Tesla!￼
Elon Musk, Tesla’s CEO, donated $5.04 billion in shares to an unidentified charitable organisation. The Securities and Exchange Commission (SEC) said Monday night that Musk moved his company’s shares five times in November 2021. Tesla’s stock has plummeted since the donation, and the value of the given shares has fallen from $5.7 billion to $4.4 billion as a result.
Musk sought to avoid a huge tax payment by selling big amounts of Tesla shares. To get around this, they created fictitious “benevolent” donations. According to the Wall Street Journal, Musk sold about $16 billion worth of Tesla shares in 2021. According to a post in December 2021, the billionaire predicted that he will pay $11 billion in taxes. Tesla CEO Elon Musk’s net worth is estimated by Forbes at $238 billion.
Shares were sold by Musk because he was afraid.
Elon Musk sold his stake for a reason, after all. Some people mistakenly see this as an act of altruism, but that is not the case. If he had sold his shares as a favour, Musk would have donated his money. It was given to an unspecified charity, though. Considering the circumstances, it seems that Musk was compelled and afraid to sell these shares.
Progressives like Senators Bernie Sanders and Elizabeth Warren want a wealth tax in the US Congress, which Musk has always rejected. In 2012, Warren Buffett and Bill Gates established the “Giving Pledge,” which encourages people to give back to their communities. Incentivizes the wealthy to give up a large portion of their wealth To fulfil his duty and avoid taxes, Musk sold his stock.
Tesla is far behind.
It will not be until 2022 that Tesla’s much-anticipated Cyber truck will be made commercially available. “Tesla is obviously behind schedule and the delay in introducing the $20,000 low-cost vehicle demonstrates a lack of commitment,” said Edward Moya, senior market analyst at Oanda Corp. His promises never come to fruition, and investors’ money is subsequently invested in another phoney firm.
According to reports, Tesla is not currently developing this new vehicle but is instead focusing on developing artificial intelligence. Tesla sold less than one percent of the world’s total production last year, with sales of 500,000 vehicles. Assuming this is the case, Musk may have sold Tesla shares in order to avoid paying taxes and presenting himself as an altruistic businessman. When it comes to Tesla investors deceived by Musk, they are the ones on the ground