According to Bloomberg Billionaires Index, Elon Musk is the only person with a net worth greater than $300 billion in the last session due to the appreciation of his Tesla stock.
His present net valuation stands at $313 billion. The total gain for the year is $141 billion. His current net worth is equal to 168 million troy ounces of gold or 3,94 billion barrels of crude oil.
Tesla-related news contributed to his wealth bounce on Friday. In five years, it was predicted that Tesla could account for 20% to 25% of the automotive market in the U.S., according to closely watched tech sector investor, Cathie Wood.
The EV sector as a whole has gained this week due to excitement generated by Rivian going public and Tesla shares participating in those gains.
Elon Musk has cashed out nearly $9 billion worth of Tesla stock in the past two weeks, but he’s still far from selling 10% of the company.
Agreeing to filings with the Securities and Trade Commission, the Tesla CEO sold 8.2 million offers, creating $8.8 billion in continues. Nearly $84 billion has been wiped from the automaker’s showcase capitalization due to the deals drop.
Tesla stock is still up 56% this year, after soaring by more than 1,300% since the start of last year. Musk continues to own 164 million shares of the electric vehicle manufacturer, giving him a 17% stake.
Musk’s selling spree has been the subject of several theories. Last year, the Tesla CEO pointed out that he would need to sell shares to cover the costs associated with exercising stock options that expire next year.
Musk is also under fire for not paying nearly any income tax, and for opposing lawmakers’ push to impose a billionaire tax on the ultra-wealthy.
Some days ago, he asked on Twitter whether he should sell 10% of his stake in Tesla because of this conflict. Soon, it was revealed that Musk already had a trading plan to sell a stock, calling the point of the whole spectacle to question.
NEW YORK (AP) — Tesla CEO Elon Musk is asking on Twitter whether he should sell 10% of his stock in the electric-vehicle company amid pressure in Washington to increase taxes on billionaires like him.
A few Democrats have been pushing for extremely rich people to pay charges when the cost of the stocks they hold goes up, indeed in case they do not offer any offers. It’s a concept called “unrealized gains,” and Musk is sitting on a part of them with a net worth of generally $300 billion.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he tweeted Saturday afternoon. “Do you support this?”
By 5:40 p.m. Eastern time, a little more than two hours after Musk’s initial tweet, 54% said yes out of a total of 876,189 votes.
Much of Musk’s wealth is held in shares of Tesla, which does not pay him a cash salary. “I only have stock, thus the only way for me to pay taxes personally is to sell stock,” he tweeted.
Musk, who is known for his sometimes flippant tweets, said he would “abide by the results of this poll.”