'Thanks to Elon Musk, who is often credited as the world’s richest person, we now have a good clue to whether someone has too much money. That clue is when he turns tax policy into a Twitter game.' Column by hiltzikm:
, with Musk, it’s always better to wait until he fulfills a promise than to take it as a done deal. He hasn’t said when he would start selling his shares, or in what form, or over what period of time.
The common estimation of Musk’s wealth is largely dependent on the price of Tesla shares, which were trading at about $1,181 as these words were being written. That placed a value of about $288 billion on Musk’s stake.Branson, Bezos and Musk say their space companies are commercial entities aimed at tourism, but its government contracts they really want.
Even more troubling, if they hold the assets until their death, the embedded capital gains tax is extinguished entirely; their heirs will owe tax only on the gain in value between the date of death and when they sell, if ever. At current prices, Musk’s gain on the exercise would come to more than $20 billion. At the top federal and California income tax rates, or 54.1%, he would owe about $11 billion. Selling 10% of even the 170.5 million shares he has in hand now, pre-exercise, would bring him more than $20 billion, more than enough to cover the looming tax bill and perhaps even to pay down some of his existing debt.
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