Elon Musk picked a Twitter fight with Bernie Sanders over tax policy

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  • Sanders tweeted demanding that the “extremely wealthy pay their fair share” which sent the world’s richest man into a frenzy on Twitter.
  • Last week, Musk sold nearly $6.9 billion worth of stock. (As of Monday morning, Musk still has more than 166 million shares in the company.) As his sales continue, Musk will likely face a massive tax bill.

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Tesla and SpaceX CEO Elon Musk disputed tax policy with Senator Bernie Sanders this weekend on Twitter and tried to broach him again on Monday morning.

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According to his website, the independent senator (who generally cooperates with Democrats) is a proponent of converting the US energy system to renewable energy, providing $200 billion to the Green Climate Fund and other environmentally-oriented policies that Tesla will serve you well.

But he’s also a proponent of raising taxes for the super-rich, as is Oregon Democratic Senator Ron Wyden, whom Musk needed on Twitter in a similar exchange earlier in November. Musk, who has the most wealth in the world today, is against a so-called “billionaire’s income tax”.

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Last week, Musk sold nearly $6.9 billion worth of stock. (As of Monday morning, Musk still owns more than 166 million shares in the company.) In recent weeks, sales from Musk and other insiders have put pressure on Tesla shares. Last week, Tesla stock fell 15.4%, marking the company’s worst one-week performance in 20 months, and its worst week except a fall in the first quarter of 2020 as the coronavirus pandemic hit markets. sent in the fall. Tesla was down another 3% in trading late on Monday.

As his sell-off continues, Musk will potentially face a massive tax bill. However, as publica Reportedly, Musk previously paid a 3.27% corrected tax rate, or $455 million, on asset growth of $13.9 billion. According to ProPublica, Musk, who had real taxable income of $1.52 billion during the five-year period, paid no federal income tax in 2018.

On Twitter, Sanders has amassed a follower of over 1.5 million, and Musk has a following of 63.8 million.

dispute begins

On Saturday, the 80-year-old Vermont senator wrote in a tweet, “We must demand that the extremely wealthy pay their fair share. Period.”

Musk replied the next day, “I keep forgetting you’re still alive.” Musk also asked Sanders on Sunday, “Want me to sell more stocks, Bernie? Just say the word.” Then, the CEO rebuked the senator, saying, “Bernie is the taker, not the producer.”

Musk once again attempted to involve Sanders on Monday.

He asked, “Well, how fair do you think it is? Does 53% sound reasonable?”

When Sanders didn’t respond to him, a fan of Musk commented that the senator doesn’t usually reply to followers on Twitter. Musk asked, “How do we know she hasn’t been abducted by aliens!” Musk continued to take to Twitter, discussing his tax policy preferences with fans and followers, including promoters of bitcoin and Tesla.

In his tweet exchanges, Musk revealed that he would support an estate tax, and taxes on what he called extravagant consumption.

The CEO also said that he currently owns about 20% of Tesla’s stock.

Sanders and Tesla did not immediately respond to requests for comment.

In 2020, Musk put his California mansion on the market after he sparred with state health regulators over COVID-19 restrictions that affected the Tesla factory in Fremont. He then moved to Austin, Texas, near the site of a new Tesla factory that is under construction.

This year, Tesla also moved its headquarters from Palo Alto, California to Austin, Texas.

Going ahead of California with the highest state income tax in the country, Texas, which has no state income tax, could save Musk billions of dollars based on the compensation package he was awarded in 2018.

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