What Elon Musk JUST DID Can Crash The Whole ECONOMY
Elon Musk, the world’s richest man alive has lost a whopping 50 billion dollars from his net worth two days in a row after his auto manufacturing company Tesla plunged sharply. However, the good news is that despite this huge loss, Elon Musk is still the world’s richest man.
Hey guys! Welcome back to our channel Elon Evolution where we tell you all the latest news about Elon Musk and his multibillion companies. In today’s video we are going to talk about why Tesla suffered a huge loss all of a sudden? And how has the CEO reacted to this? If you want to find out more, then stay with us until the end of the video. Also, before we start the video don’t forget to hit like, subscribe to our channel and ring the bell icon for more amazing videos. And let’s get started!
On November 6th Elon Musk took to twitter and created a poll asking his 62 million followers whether he should sale 10 percent of his Tesla shares just for the sake of paying taxes or not. The billionaire stated:
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 percent of my Tesla stock. Do you support this?”
To his surprise, 58 percent of the people voted yes, and Elon wrote that he would abide by the results of the poll no matter what it is. This tweet by Elon Musk is now being dubbed online as the most expensive tweet in history as it sparked a chain reaction sending the electric car company’s stock into free fall.
Musk has not yet announced a sale of the stock or confirmed that it will definitely go ahead – and the spotlight has now fallen on Tesla’s filings with the US Securities and Exchange Commission (SEC) for any clues on the share-sale plans.
As usual when it comes to Elon Musk tweeting crazy things on the weekends, Tesla stock value tanked in pre-market trading closing Friday at 1221 dollars and opening Monday at 1148 dollars. Although the stock price immediately bounced off of that low on the open market. At the time of the poll, 10 per cent of Musk’s shares was worth £15.5billion. It is now worth around £13billion.
Head of Scion Asset Management Michael Burry, who is best known as the man who predicted America’s 2008 housing crisis, said the Tesla CEO could be in a sticky situation in regard to tax-free cash he took out in the form of personal loans earlier this year.
“Regarding what Elon Musk needs to sell because of the proposed unrealized gains tax, or to #solveworldhunger. There is the matter of the tax-free cash he took out in the form of personal loans backed by 88.3 million of his shares at June 30th,” the investor tweeted.
So, what actually is happening behind the scenes?
Well, there are a few layers to everything that’s going on, but before we discuss that we have to understand what it’s like to possess as much wealth as Elon Musk. It may come as a surprise to you, but Elon Musk does not have 300 billion dollars in his bank account, he does not even have 1 billion dollars in an account. So, where does his wealth come from? Yes, you’re guessing it right! All of his billion dollar net worth comes from his assets and majority of which is his shares in Tesla where he is the majority shareholder. Furthermore, the world’s richest man does not even get a paycheck at the end of the month, but he is compensated by Tesla with stock options which allow him to buy more shares in the company at a very discounted price.
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