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He will get a tax break and he doesn't even need to sell the shares immediately. And he still controls the shares through the foundation, just for starters. Don
by coliveira 4y ago
He will get a tax break and he doesn't even need to sell the shares immediately. And he still controls the shares through the foundation, just for starters. Don't you think this is a sweet deal? Every aspect of the "charity foundation" created by billionaires is designed to benefit them the most.
If I told you that you can control your wealth, diversify your holdings, and pay only 5% of assets per year (in the way you personally decide) instead of 15%, 20%, or 25% in taxes, would you think it is a good or bad deal?
- 93po 4y agoControlling the shares through the non-profit means nothing. He has control even without those shares, and the only difference is that they're now permanently gone as an option to sell and profit off of. You still call this "controlling your wealth" but it's literally the opposite - that $6 billion is now extremely limited in what it can do now in terms of selfish goals.
- coliveira 4y agoIncorrect. Elon still controls everything he puts on his foundation, and when he's gone he will appoint people to control it. That is a fact. He can still sell those shares (without paying taxes) and diversify his holdings if necessary. He can invest in other companies using that money to help him achieve his goals. It is just a bunch of money that he can control in several ways. You just don't have great imagination, but Elon and his lawyers know what is possible.