this post was submitted on 22 Nov 2023
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Friendly reminder that Musk used Tesla stock to fund $20 bn of the ~$27 bn he used to buy Twitter.
Which means, $20bn in Twitter seemed a better investment than keeping them in Tesla. I don't know what would be funnier, that he was right or that he was wrong with that gamble.
He didn't sell the Tesla stock. He used it as collateral to borrow the money. Rich people rarely sell their things while they are alive. They borrow against their fortune because if they sell, they have to pay capital gains taxes.
Borrowing with stocks as collateral should be taxed at the capital gains rate