Think Elon Musk’s Twitter polls where he asked the public if he should dump billions in stock were just the latest troll by the world’s richest man? Think again.
America’s billionaires have sold $42.9 billion in stock this year, more than doubling their $20.2 billion total in 2020, according to the Bloomberg Billionaires Index. Their rationale is clear and calculated, even as Musk has fun playing jester.
Selling to Save
The super-rich usually hang on to stakes in the companies that made them super rich. That’s because cashing out, and realizing any capital gains, comes with a hefty tax bill. But the times are unique: stock valuations are at record highs and taxes on America’s super rich could go up when the clock strikes midnight on January 1.
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