Business
Elon Musk a frat boy? The mentality of the billionaire Tesla boss
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.
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.
Two dozen staff and six customers were forced to stay the night at IKEA as up to 30 centimetres of snow trapped them inside
A furniture showroom in the department store in Aalborg, Denmark, became the bedroom of several people who were unable to safely make it home in time amidst a strong snowstorm.
Store Manager Peter Elmose told the Ekstra Bladet tabloid that people could “pick the exact bed they always have wanted to try.”
People working in a toy shop next door also took to the department store to join in on the fun.
Michelle Barrett, one of the toy shop staff, told Denmark’s public broadcaster, DR, “it’s much better than sleeping in one’s car. It has been nice and warm and we are just happy that they would let us in.”
“We just laughed at the situation, because we will probably not experience it again,” she added.
Another approximate 300 people had to stay the night at the Aalborg airport to keep out of the storm.
According to Euronews, the IKEA sleepover consisted of feasting on chips and Swedish cinnamon rolls in the staff canteen before watching television.
“It was a really nice evening, enjoying each other’s company,” Elmose told AFP.
“Everyone had a full night’s sleep, our mattresses are good.”
And when the shop reopened for business the next morning, all the bedding and sheets had of course been changed.
This comes after 61 people were trapped in a Yorkshire pub for three nights last week.
The several people trapped in the Tan Hill Inn during the storm slept on makeshift beds on the floor, watched movies, had a quiz night and enjoyed a buffet meal.
Some guests even claimed they didn’t want to leave the the pub after enjoying the 17th century hotel’s hospitality.
The aviation sector is widely known to be a high-emissions industry, with aircraft contributing to a growing pollution problem – but United Airlines just made history, in a brilliant way
United Airlines on Wednesday operated the world’s very first flight that used 100% sustainable aviation fuel, known as SAF.
Flying a jet with more than 100 passengers from Chicago to Washington, DC, the flight was the first commercial flight ever using only renewable fuel.
In a statement United Airlines said: United is the world leader in the usage and support for the development of SAF, an alternative fuel made with non-petroleum feedstocks, already having agreements to purchase nearly twice as much SAF as the known agreements of all other global airlines combined.
SAF has the potential to deliver the performance of petroleum-based jet fuel but with a fraction of its carbon footprint, and according to the U.S. Department of Energy, the country’s vast feedstock resources are enough to meet the projected fuel demand of the entire U.S. aviation industry.
“United continues to lead from the front when it comes to climate change action,”
United CEO Scott Kirby, who will fly onboard today’s historic SAF flight.
“Today’s SAF flight is not only a significant milestone for efforts to decarbonize our industry, but when combined with the surge in commitments to produce and purchase alternative fuels, we’re demonstrating the scalable and impactful way companies can join together and play a role in addressing the biggest challenge of our lifetimes.”
The airline boss noted.
Currently, airlines are only permitted to use a maximum of 50% SAF
The SAF used on the Dec. 1 flight is drop-in ready and compatible with existing aircraft fleets, United said.
The flight operated as a demonstration – to see how the jet would perform using only SAF fuel
The 737 MAX 8 used 500 gallons of SAF in one engine and the same amount of conventional jet fuel in the other engine “to further prove there are no operational differences between the two and to set the stage for more scalable uses of SAF by all airlines in the future,” United said.
United partnered with other companies including Virent, a subsidiary of Marathon Petroleum whose technology enables 100% drop-in SAF, and World Energy, the world’s first and North America’s only commercial SAF producer to make the flight possible.
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Sleepover at IKEA: dozens stranded amid snowstorm in Denmark
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