Re:Billionaires should face a minimum tax rate, report says
by samsolomon on Monday October 23, 2023 @09:59AM
(#37985750)
I have a hard time believing that he didn't realize gains on the Tesla stock he sold to cover part of the purchase.
Twitter, the company, took out a loan as part of the financing to help Musk close. That is why Twitter desperately needs to return a profit. Because it now has to service that loan.
Those are different things.
EDIT: For reference it looked like he originally was going to back the loan with Tesla shares—so he wouldn't have to sell. It looks like he abandoned that idea and sold about $15.5B shares of Tesla to finance the deal. Maybe that's where the confusion is from?
https://www.aljazeera.com/economy/2022/10/28/how-elon-musk-f...
Twitter, the company, took out a loan as part of the financing to help Musk close. That is why Twitter desperately needs to return a profit. Because it now has to service that loan.
Those are different things.
EDIT: For reference it looked like he originally was going to back the loan with Tesla shares—so he wouldn't have to sell. It looks like he abandoned that idea and sold about $15.5B shares of Tesla to finance the deal. Maybe that's where the confusion is from? https://www.aljazeera.com/economy/2022/10/28/how-elon-musk-f...