Elon Musk becomes first person ever to be worth more than $300 MILIARDI

Elon Musk becomes first person EVER to be worth more than $300billion thanks to Tesla shares spike – as Microsoft regains title of world’s most valuable company after Apple’s stock slumped

  • Musk’s net worth hit $302billion as of Thursday, according to the Bloomberg BillionairesIndex
  • The increase of $10billion was due to a rise in Tesla shares on Thursday after the car firm announced a 100,000 car deal with rental firm Hertz
  • The mogul is now worth over $100billion more than the second-richest person on earth, Amazon founder Jeff Bezos, who’s worth sits at $199billion
  • Musk is now worth more than the annual GDP of nations like Egypt, Portogallo, the Czech Republic, Grecia, Qatar and Finland
  • He’s also worth more than the market value of PayPal, the company he co-founded, as well as streaming giant Netflix
  • Musk’s worth exceeds the combined Forbes valuation of the Dallas Cowboys, New York Yankees, New York Knicks, Barcellona e Real Madrid ($25.4miliardi)
  • Elon Musk has become the first person to cross the $300billion net-worth thresholdafter his fortune surged by $10billion in a day thanks to a Tesla share spike, a day before Microsoft regained the title of world’s most valuable company.

    Musk’s net worth hit $302billion as of Thursday, according to the Bloomberg BillionairesIndex.

    The increase of $10billion was due to a rise in Tesla shares on Thursday, after the electric car firm inked a huge deal with Hertz for the rental giant to buy 100,000 of its vehicles.

    The mogul is now worth over $100billion more than the second-richest person on earth, Amazon founder Jeff Bezos. His fortune sits at $199billion.

    And on Friday, Microsoft regained its perch as the world’s most valuable company – con un $2.46 trillion market capafter an Apple share slump saw the iPhone maker’s overall value plunge around four per cent to $2.41 trilioni.

    This came after Apple fell just under four percent after lower than expected fourth-quarter revenues. Microsoft climbed 1.1 percent to blow past Apple after higher than expected revenue estimates for an 11th straight quarter.

    Elon Musk has become the first person to cross the $300billion net worth threshold

    Elon Musk has become the first person to cross the $300billion net worth threshold

    Musk is now worth over $100billion more than Amazon founder Jeff Bezos

    Musk is now worth over $100billion more than Amazon founder Jeff Bezos

    Nel frattempo, Microsoft - whose chairman Bill Gates is pictured - has overtaken Apple to become the world's most valuable company, con $2.46 trilioni

    Nel frattempo, Microsoft – whose chairman Bill Gates is picturedhas overtaken Apple to become the world’s most valuable company, con $2.46 trilioni

    Microsoft is now more valuable than Apple for the first time since early 2020. The company is on pace for its biggest weekly gains since January.

    Musk is now worth more than the annual GDP of nations like Egypt, Portogallo, the Czech Republic, Grecia, Qatar and Finland.

    He’s also worth more than the market value of PayPal, the company he co-founded, as well as streaming giant Netflix.

    Musk’s worth even exceeds the combined Forbes valuation of the Dallas Cowboys, New York Yankees, New York Knicks, as well as top-level soccer teams Barcelona and Real Madrid ($25.4miliardi).

    Experts recently predicted Musk would be the world’s first trillionaire, but said the fortune would come from his SpaceX venture, rather than Tesla.

    Muschio has slammed President Joe Biden‘s plan to tax billionairesincome to pay for his proposed spending bill as the Tesla CEO saw his company’s value top $1trillion and his personal wealth increase by a single-day record of $36billion.

    Musk took to Twitter on Monday and responded to a tweet that was critical of the Democratsidea for a new billionairestax to help pay for Biden’s social services and cambiamento climatico Piano.

    The world’s richest man predicted that the Democratsplan to tax the wealthy will eventually expand to include new levies on middle class Americans.

    'Infine, they run out of other people’s money and then they come for you,’ Musk tweeted.

    All'inizio di quest'anno, it was revealed that Musk and his rival, Jeff Bezos, have in recent years paid nothing in federal income tax.

    però, the tax is not being included in Biden’s framework for the domestic policy package released Thursday.

    The World’s Richest People

    These are the 10 richest people in the world, secondo il Indice Bloomberg Billionaires.

    1. Elon Musk: $302 miliardi

    2. Jeff Bezos: $199 miliardi

    3. Bernard Arnault: $168 miliardi

    4. Bill Gates: $135 miliardi

    5. Larry Page: $129 miliardi

    6. Sergey Brin: $125 miliardi

    7. Mark Zuckerberg: $118 miliardi

    8. Steve Ballmer: $116 miliardi

    9. Larry Ellison: $115 miliardi

    10. Warren Buffet: $105 miliardi

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    Sotto il piano, Tesla Stock and other tradable assets would be valued annually. If those assets rise in value, Musk would pay a tax on that gain, even if they haven’t sold the asset.

    Under current laws, a gain is only taxed if it is ‘realizedwhen its owner sells the asset and makes a profit.

    però, the future of the billionaires tax is uncertain, given that it wasn’t included in President Joe Biden’s framework for the domestic policy package released Thursday. Comunque, that deal among Congressional Democrats isn’t final.

    Not surprisingly, Musk and other billionaires are voicing their displeasure with the proposed tax.

    All'inizio di quest'anno, it was revealed that Musk and his rival, Jeff Bezos, have in recent years paid nothing in federal income tax.

    Musk’s wealth grew an estimated $13.9billion between 2014 e 2018.

    He reported $1.52billion in total income and paid $455million in taxes. It equates to a 3.27 percent true tax rate.

    Nel 2018, Musk paid no federal income tax. The records show he paid $68,000 nel 2015 e $65,000 nel 2017.

    Democrats on the Senate Finance Committee, led by Senator Ron Wyden of Oregon, are prepared to roll out the tax revenue plan in a matter of days.

    Under Wyden’s emerging plan, the billionairestax would hit the wealthiest of Americans, meno di 1,000 persone.

    Elon Musk

    Presidente Joe Biden

    Elon Musk (sinistra) has slammed President Joe Biden’s (giusto) plan to tax billionaires’ income to pay for his proposed spending bill

    The world’s richest man predicted that the Democrats’ plan to tax the wealthy will eventually expand to include new levies on middle class Americans. 'Infine, they run out of other people’s money and then they come for you,’ Musk tweeted

    The world’s richest man predicted that the Democrats’ plan to tax the wealthy will eventually expand to include new levies on middle class Americans. 'Infine, they run out of other people’s money and then they come for you,’ Musk tweeted

    Musk was replying to a post by Rick McCracken, who warned against the capital gains tax proposal

    Musk was replying to a post by Rick McCracken, who warned against the capital gains tax proposal

    Musk on Monday saw his personal net worth grow by more than $36billion after shares of his company, Tesla, soared by nearly 13 per cento

    Musk on Monday saw his personal net worth grow by more than $36billion after shares of his company, Tesla, soared by nearly 13 per cento

    It would require those with assets of more than $1billion, or three-years consecutive income of $100million, to pay taxes on the gains of stocks and other tradeable assets, rather than waiting until holdings are sold.

    As it stands, billionaires use much of their money to buy assets like stocks, which are currently only taxed when they are sold.

    The new plan would levy annual taxes on those assets for the ultra-rich while they’re still in the hands of their owners.

    Wealthy people often use these currently-untaxed assets as collateral to obtain loansa maneuver that allows them to pay lower taxes.

    A similar billionaire’s tax would be applied to non-tradeable assets, including real estate, but it would be deferred with the tax not assessed until the asset was sold.

    Complessivamente, the billionairestax rate has not been set, but it is expected to be at least the 20 percent capital gains rate.

    Democrats have said it could raise $200billion in revenue that could help fund Biden’s package over 10 anni.

    Rick McCracken posted a tweet in which he warned against Wyden’s capital gains tax proposal.

    He posted a template of a letter which concerned citizens can use to send to their representatives in Congress to express opposition to the proposal.

    ‘I expect you to oppose the Wyden proposal to tax unrealized capital gains,’ the letter read.

    The deal is said to be worth $4.2 billion as each vehicle is worth about $40,000 ogni

    The deal is said to be worth $4.2 billion as each vehicle is worth about $40,000 ogni








    ‘Although the proposal targets billionaires and not myself, the government of elected representatives have a track record of scope creep when writing new taxes.’

    HOW CAN THE SUPER-RICH PAY LOWER TAXES?

    Many billionaires are able to reduce their federal tax bills using legal tax strategies.

    Among the ways they can reduce tax bills are:

    Making sizable donations to charity

    The rich can reduce tax bills through the use of charitable donations.

    They can deduct up to 60 percent of adjusted gross income with donations.

    Investing in stocks to avoid wage income

    The rich can reduce taxes by avoiding wage income, which can be taxed at up to 37 per cento.

    They can instead benefit from investment income, which is often taxed at 20 per cento.

    Paying themselves lower salaries

    If the mega-rich pay themselves a lower salary, they can then take a higher portion of the income as dividends.

    The lower salary is then taxed a normal rate. Dividends are often taxed the same as the capital gains rate, which is between 15 per 20 per cento.

    Another option is to opt for part of their compensation in their company stock options. Stock is usually only taxed when the options are exercised.

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    McCracken predicted that after Democrats tax the ultra-wealthy, ‘any new unrealized capital gains taxes will slowly make their way down to middle class retirement investments over the next several years.’

    ‘It will start with billionaires, then eventually millionaires, then the modest investments will get hit possibly within a decade,’ McCracken continued.

    ‘Although principle residences and holdings in 401K plans apparently will be excluded, the Wyden proposal takes new tax hikes a step closer to imposing unrealized capital gains tax on the average investor.’

    Musk agreed with McCracken’s post, twittando: 'Esattamente. Infine, they run out of other people’s money and then they come for you.’

    Despite concerns about possibly paying more taxes, Musk had reason to celebrate on Monday.

    Hertz announced on Monday that it will buy 100,000 electric vehicles from Tesla, one of the largest purchases of battery-powered cars in history and the latest evidence of the nation’s increasing commitment to EV technology.

    The news of the deal triggered a rally in Tesla’s stock, driving the carmaker’s market value over the $1trillion mark for the first time.

    The purchase by one of the world’s leading rental car companies reflects its confidence that electric vehicles are gaining acceptance with environmentally minded consumers as an alternative to vehicles powered by petroleum-burning internal combustion engines.

    Shares of Tesla surged by nearly 13 percent on Wall Streetadding another $36billion to Musk’s personal net worth.

    As of Tuesday morning, Musk’s fortune is valued at $289billion, secondo Bloomberg. He is nearly $100billion wealthier than the second-richest man in the worldAmazon founder Jeff Bezos.

    By the close of trading on Monday, Bezos was worth a measly $192.6billion.

    Some tax experts worry that the new plan would complicate the already byzantine American tax system and that it wouldn’t be enough to offset the costs of Biden’s $2 trillion ‘human infrastructure’ conto, because of the relatively small number of people it would affect.

    Others worry that centrist Democrats would reject the tax hike.

    House Ways and Means Committee Chairman Richard E. Neal, a Democrat from Massachusetts, said the Wyden plan could ‘become really complex.

    ‘When you do rates, they’re efficient and they’re easily implemented. Unlike the more esoteric ideas of taxing this or taxing that, rates are simple by nature. People understand them,’ Neal said.

    The proposal would tax the 'unrealized gains' of billionaires' stocks and bonds every year. Sopra, Bloomberg's Billionaire Index shows the current richest people in the world

    The proposal would tax the ‘unrealized gainsof billionairesstocks and bonds every year. Sopra, Bloomberg’s Billionaire Index shows the current richest people in the world

    ‘There’s only one proposal on revenue that has passed a legislative body. It’s ours.

    Joshua McCabe, a senior fellow for policy and welfare at the center-right Niskanen Center, says there’s just not enough billionaires for the plan to raise that much money.

    ‘Countries with a more robust welfare state tax everybody a bit more, rather than just the rich,’ McCabe told the Post.

    ‘The amount of revenue you can get from squeezing folks making more than $400,000 per year is small, and if you’re looking at billionaires it’s even smaller.

    Democratic Rep. Ro Khanna of California also says that the hike is not enough, though he noted that it will heavily impact his district, which includes Silicon Valley.

    ‘It would have to be coupled with this minimum tax, which the president has talked about, that there are about 50 corporations that are paying zero percent in taxes, and they would have to pay at least 7 percent in tax,’ ha detto a Fox News’ Chris Wallace on Sunday.

    ‘So Amazon would have to pay 7 per cento. If you had both of those and you raised the revenue, I would vote for it.

    Suo. Mitt Romney of Utah, one of the richest members of Congress with an estimated $271m fortune, called it a ‘very bad idea,’ secondo il New York Times, saying that the rich would just stop buying stocks and put their money in diamonds or paintings instead.

    Senate Republican leader Mitch McConnell called it a ‘hare-brained schemeand warned of revenue drying up during downturns.

    Some Republicans indicated such a tax plan could be challenged in court.

    The plan is part of a strategy to raise taxes on the wealthy above the preference of centrist Democrats like Krysten Sinema of Arizona and Joe Manchin III of West Virginia, who oppose wider measures.

    TAX DATA FOR RICHEST AMERICANS: 2014 per 2018
    Warren Buffett
    Anno Total taxes paid Total income reported
    2014 $7.93 milioni $46.8 milioni
    2015 $1.85 milioni $11.6 milioni
    2016 $3.82 milioni $19.6 milioni
    2017 $4.75 milioni $22 milioni
    2018 $5.36 milioni $24.8 milioni
    Jeff Bezos
    Anno Total taxes paid Total income reported
    2014 $85.4 milioni $367 milioni
    2015 $126 milioni $542 milioni
    2016 $320 milioni $1.35 miliardi
    2017 $398 milioni $1.68 miliardi
    2018 $43.5 milioni $284 milioni
    Elon Musk
    Anno Total taxes paid Total income reported
    2014 $30.4 milioni $165 milioni
    2015 $78.5K $3.15 milioni
    2016 $42 milioni $1.34 miliardi
    2017 $73.7K $6.22 milioni
    2018 $8.41K $3.85 milioni
    fonte: IRS DATA OBTAINED BY PROPUBLICA

    Democrats are betting that it’ll be hard for opponents to publicly stand against it.

    ‘It clearly connects in some of the most challenging political communities in the countryit makes Build Back Better enormously more popular,’ Suo. Wyden, the proposal’s writer, disse.

    Under the House’s bill from the Ways and Means Committee, the top individual income tax rate would rise from 37 per cento a 39.6 per cento, on those earning more than $400,000, o $450,000 for couples.

    The corporate rate would increase from 21 per cento a 26.5 per cento.

    The bill also proposed a 3 percent surtax on wealthier Americans with adjusted income beyond $5million a year.

    The panel’s chairman, Neal, said he told Wyden in a discussion Monday that the implementation of the senator’s proposed billionaire’s plan is ‘a bit more challenging.

    Neal suggested that the House’s proposal was off the table despite Sinema’s objections. Infatti, Egli ha detto, ‘our plan looks better every day.

    Suo. Mitt Romney is one of the richest members of Congress. He called the new proposal, which would also apply to those making $100M for three years in a row, a 'very bad idea'

    Suo. Mitt Romney is one of the richest members of Congress. He called the new proposal, which would also apply to those making $100M for three years in a row, a ‘very bad idea

    Suo. Kyrsten Sinema, a Democrat from Arizona, above on Thursday, could stop the wealth tax from going forward. She hasn't said anything about it, but has previously opposed tax hikes

    Suo. Kyrsten Sinema, a Democrat from Arizona, above on Thursday, could stop the wealth tax from going forward. She hasn’t said anything about it, but has previously opposed tax hikes

    Once Democrats agree to the tax proposals, they can assess how much is funding available for Biden’s overall package to expand health care, child care and other climate change programs.

    Democrats were hoping Biden could cite major accomplishments to world leaders later this week.

    They are also facing an October 31 deadline to pass a related $1trillion bipartisan infrastructure package of roads, broadband and other public works before routine federal transportation funds expire.

    ‘We need to get this done,’ Biden said in remarks at a New Jersey transit center.

    After months of start-and-stop negotiations, Biden’s overall package is now being eyed as at least $1.75trillion.

    But it could still climb considerably higher, according to a second person who insisted on anonymity to discuss the private talks.

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