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 37 days ago by SophiesBoyfriend 37 days ago by SophiesBoyfriend +23 / -0 52 comments share 52 comments share save hide report block hide replies
Most of his wealth is debt. If every loan was called in he couldn't afford to pay them even if he liquidated every asset
That makes no financial sense
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.