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Elon Musk a frat boy? The mentality of the billionaire Tesla boss

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Elon Musk during SNL appearance

Elon Musk has been making headlines across the world in recent weeks – and now a journalist has told ticker NEWS the billionaire has a “frat boy mentality” – and it all mostly comes from his tweets

The billionaire Tesla boss recently sold a combined $7.8 billion worth of his shares in his EV company – a tactic he says is to pay tax.

Musk, at the age of 50, has sold 2.8 million shares worth about $3 billion USD specifically to pay taxes on three tranches of stock options that he exercised this week, according to filings with the US Securities and Exchange Commission.

That means he has sold roughly $6.9 billion more in shares than he needs at present

Under a compensation plan from 2012, Mr Musk has options to buy 26.4 million shares.

The options expire next year, and the tax bill will come due.

Wedbush analyst Daniel Ives told Ticker News that he estimates the bill of the billionaire entrepreneur to be between $10 billion to $15 billion USD – depending on the stock price.

Mr Musk’s options so far allowed him to buy shares at $6.24 USD each, and the stock is selling for about $1080 USD.

When you think about it, it is a big tax bill, but questions loom as to why the 50 year-old sold more than he needs.

“Frat boy mentality”

When it comes to his personality and mentality – there are many questions with how Musk is behind closed doors.

Patrick McGee from the Financial Times spoke to Ticker News on Thursday, labels his attitude as like a “frat boy.”

We all know Elon Musk to be a vocal kinda guy but now JP Morgan is taking Tesla to court over such tweets

JP Morgan Chase is suing Tesla for $162million over tweets in 2018 by boss Elon Musk that claimed he could take the electric car maker private.

The multinational bank accused Tesla of “flagrantly” – meaning it breached a deal it claims should have triggered payments to JP Morgan.

Musk’s notorious tweets that he had funding to take Tesla off the New York stock market sparked volatility in the share price.

He later abandoned the move and was fined by the US financial regulator.

JP Morgan’s suit, filed in a Manhattan federal court, says the companies had an agreement signed in 2014 that allowed the bank to buy Tesla shares at a set price and date.

Elon Musk taken to court by multinational bank, JP Morgan chase / Image: File

This recent sales stunt isn’t all the busy EV boss has been getting up to

Over the course of the last fortnight, Musk has used his Twitter account as a platform to express his opinion, conduct polls and at times, interrupt the cryptocurrency market.

His actions to sell his Tesla stock came after he conducted a Twitter poll to his 60 million followers, asking them if he should as a way to pay off his taxes.

“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my stock,” he wrote.

According to Mr Musk, 58 per cent of those who responded said yes.

Musk has conceded that much of his wealth is held up in stocks

The billionaire says much of his riches aren’t in physical cash, rather it’s being held up in stocks.

 “I have only stock, thus the only way for me to pay taxes personally is to sell stock,” he wrote.

Musk started selling his shares on Monday, and as of Wednesday, he had liquidated about 5 per cent of his holdings.

According to reports, his federal tax obligations could be as high as 40 per cent on proceeds from some of the sales.

And who could forget Musk’s swing at Bernie Sanders?

Elon Musk was trolling yet again on his Twitter account this week (yes after he conducted the polls to sell his shares and blah blah blah) – and this time his target is US Senator Bernie Sanders

The billionaire has taken aim at a recent tweet from Mr Sanders which stated the rich must pay more tax

“I keep forgetting that you’re still alive,” was the response from Mr Musk.

The Tesla boss then stated he’s willing to sell more of his EV stocks in order to pay more tax.

Sassy.

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Money

Research shows daters are looking for solvent partners

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As the cost-of-living crisis continues to grip Australia, new research reveals a shifting landscape in the realm of dating preferences.

According to the survey conducted by eharmony, an overwhelming two-thirds of Australians are now keen to understand their potential partner’s financial situation before committing to a serious relationship.

The findings indicate a growing trend where individuals are becoming more discerning about whom they invest their affections in, particularly as the economic pressures intensify.

Read more: Why are car prices so high?

The study highlights that nearly half of respondents (48%) consider a potential partner’s debts and income as crucial factors in determining whether to pursue a relationship.

Certain types of debt, such as credit card debt, payday loans, and personal loans, are viewed unfavorably by the vast majority of respondents, signaling a preference for partners who exhibit financial responsibility.

Good debt

While certain forms of debt, such as mortgages and student loans (e.g., HECS), are deemed acceptable or even ‘good’ debt by a majority of respondents, credit card debt, payday loans (such as Afterpay), and personal loans top the list of ‘bad’ debt, with 82%, 78%, and 73% of respondents, respectively, expressing concerns.

Interestingly, even car loans are viewed unfavorably by a significant portion of those surveyed, with 57.5% considering them to be undesirable debt.

Sharon Draper, a relationship expert at eharmony, said the significance of financial compatibility in relationships, noting that discussions around money are increasingly taking place at earlier stages of dating.

“In the past, couples tended to avoid discussing money during the early stages of dating because it was regarded as rude and potentially off-putting,” Draper explains.

“However, understanding each other’s perspectives and habits around finances early on can be instrumental in assessing long-term compatibility.”

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US energy stocks surge amid economic growth and inflation fears

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Investors are turning to U.S. energy shares in droves, capitalizing on surging oil prices and a resilient economy while seeking protection against looming inflationary pressures.

The S&P 500 energy sector has witnessed a remarkable ascent in 2024, boasting gains of approximately 17%, effectively doubling the broader index’s year-to-date performance.

This surge has intensified in recent weeks, propelling the energy sector to the forefront of the S&P 500’s top-performing sectors.

A significant catalyst driving this rally is the relentless rise in oil prices. U.S. crude has surged by 20% year-to-date, propelled by robust economic indicators in the United States and escalating tensions in the Middle East.

Investors are also turning to energy shares as a hedge against inflation, which has proven more persistent than anticipated, threatening to derail the broader market rally.

Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group, notes that having exposure to commodities can serve as a hedge against inflationary pressures, prompting many portfolios to overweight energy stocks.

Shell Service Station

Shell Service Station

Energy companies

This sentiment is underscored by the disciplined capital spending observed among energy companies, particularly oil majors such as Exxon Mobil and Chevron.

Among the standout performers within the energy sector this year are Marathon Petroleum, which has surged by 40%, and Valero Energy, up by an impressive 33%.

As the first-quarter earnings season kicks into high gear, with reports from major companies such as Netflix, Bank of America, and Procter & Gamble, investors will closely scrutinize economic indicators such as monthly U.S. retail sales to gauge consumer behavior amidst lingering inflation concerns.

The rally in energy stocks signals a broadening of the U.S. equities rally beyond growth and technology companies that dominated last year.

However, escalating inflation expectations and concerns about a hawkish Federal Reserve could dampen investors’ appetite for non-commodities-related sectors.

Peter Tuz, president of Chase Investment Counsel Corp., highlights investors’ focus on the robust economy amidst supply bottlenecks in commodities, especially oil.

This sentiment is echoed by strategists at Morgan Stanley and RBC Capital Markets, who maintain bullish calls on energy shares, citing heightened geopolitical risks and strong economic fundamentals.

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Money

How Australians lose nearly $1 billion to card scammers in a year

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A recent study by Finder has unveiled a distressing trend: Australians are hemorrhaging money to card scams at an alarming rate.

The survey, conducted among 1,039 participants, painted a grim picture, with 2.2 million individuals – roughly 11% of the population – falling prey to credit or debit card skimming in 2023 alone.

The financial toll of these scams is staggering. On average, victims lost $418 each, amounting to a colossal $930 million collectively across the country.

Rebecca Pike, a financial expert at Finder, underscored the correlation between the surge in digital transactions and the proliferation of sophisticated scams.

“Scammers are adapting, leveraging sophisticated tactics that often mimic trusted brands or exploit personal connections. With digital transactions on the rise, it’s imperative for consumers to remain vigilant and proactive in safeguarding their financial assets,” Pike said.

Read more – How Google is cracking down on scams

Concerning trend

Disturbingly, Finder’s research also revealed a concerning trend in underreporting.

Only 9% of scam victims reported the incident, while 1% remained oblivious to the fraudulent activity initially. Additionally, 1% of respondents discovered they were victims of bank card fraud only after the fact, highlighting the insidious nature of these schemes.

Pike urged consumers to exercise heightened scrutiny over their financial statements, recommending frequent monitoring for any unauthorised transactions.

She explained the importance of leveraging notification services offered by financial institutions to promptly identify and report suspicious activity.

“Early detection is key. If you notice any unfamiliar transactions, don’t hesitate to contact your bank immediately. Swift action can mitigate further unauthorised use of your card,” Pike advised, underscoring the critical role of proactive measures in combating card scams.

As Australians grapple with the escalating threat of card fraud, Pike’s counsel serves as a timely reminder of the necessity for heightened vigilance in an increasingly digitised financial landscape.

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