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Monday, August 15, 2022

Elon Musk engages in a verbal sparring match with Bernie Sanders and promises to sell further Tesla shares

Elon Musk, the CEO of Tesla, had a public argument with Senator Bernie Sanders on Sunday when the senator insisted that the rich pay their “fair share” of federal taxes.

“We must insist that the extraordinarily rich pay their fair part of the tax burden.. Clearly, this is the case “Sanders shared his thoughts on Twitter. Musk answered by stating, “I keep forgetting that you’re still alive,” in an apparent dig at the 80-year-old senator.

After selling a cumulative $6.9 billion (about Rs. 51,330 crores) worth of shares in the electric vehicle firm as of November 12, the wealthy CEO continued to write, ” “Bernie, do you want me to sell you any more stock? All you have to do is speak the word.”

Sanders’ statement comes against the background of the Trump administration’s attempts to raise taxes on the ultra-wealthy and corporations.

Senators from the Democratic Party of the United States have introduced legislation to tax billionaires’ stocks and other tradeable assets in order to help finance President Joe Biden’s social spending agenda. The legislation would also close a loophole that has allowed billionaires to defer capital gains taxes indefinitely.

Musk said on Twitter a week ago that he would sell 10 percent of his company’s stock if followers of the social media site supported the move. The stock sale received support from around 57.9 percent of the electorate.

Tesla’s stock finished lower on Friday, down 2.8 percent to $1,033.42 (approximately Rs.76,880), ending an 11-week winning run for the company. Following a big increase in October, the stock has risen by more than 46 percent this calendar year.

Through his efforts to gain support on Twitter, he has mitigated any criticism of his decision to sell at a time when Tesla’s value has grown frothy and the company’s shares are trading at record levels.

David Faber
I am a Business Journalist of The National Era
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