23 if you have a $1 net worth, you are closer to the 2nd richest person on earth, than he is to Elon. (twitter.com) posted 11 days ago by SophiesBoyfriend 11 days ago by SophiesBoyfriend +23 / -0 52 comments share 52 comments share save hide report block hide replies
That makes no financial sense
Welcome to our whole economic system.
He doesn't make an income. He uses his stocks as collateral to get large loans, debt isn't taxed. He gets lots of money and avoids taxes.
Don't know about Elon, but this is common in the US, rather than sell your stock you take out a permanent interest free loan at a fixed percentage somewhat less than 100% where they hold the stock as 'collateral'. It is a tax loophole, nothing more.