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The combined net worth of Elon Musk and Jeff Bezos approached $500 billion on Wednesday, fueled by the unrelenting rally in Tesla Inc. shares and a broad surge in tech stocks that sent the Nasdaq 100 to an intraday record.
The value of the two fortunes — a sum bigger than the market value of Johnson & Johnson and about equal to that of America’s biggest bank, JPMorgan Chase & Co. — is yet another watershed moment in what’s shaping up to be a historic week for billionaires.
A groundbreaking proposal from Senate Finance Chair Ron Wyden to tax billionaires on unrealized gains was released in detailed form Wednesday morning only to be dropped in negotiations hours later. Wyden insists the billionaires’ tax plan isn’t dead, but talks have instead moved on to a possible 3% surcharge — on top of the highest income tax rate — for those earning more than $10 million.
The combined net worth of Elon Musk and Jeff Bezos approached $500 billion on Wednesday, fueled by the unrelenting rally in Tesla Inc. shares and a broad surge in tech stocks that sent the Nasdaq 100 to an intraday record.
The value of the two fortunes — a sum bigger than the market value of Johnson & Johnson and about equal to that of America’s biggest bank, JPMorgan Chase & Co. — is yet another watershed moment in what’s shaping up to be a historic week for billionaires.
A groundbreaking proposal from Senate Finance Chair Ron Wyden to tax billionaires on unrealized gains was released in detailed form Wednesday morning only to be dropped in negotiations hours later. Wyden insists the billionaires’ tax plan isn’t dead, but talks have instead moved on to a possible 3% surcharge — on top of the highest income tax rate — for those earning more than $10 million.
Musk’s wealth has ballooned partly because he hasn’t sold any of his Tesla stock for years, instead tapping banks for loans using his stake in the electric-vehicle maker as collateral. Pledging shares is a way to monetize equity without actually selling it.
Musk has $515 million in personal loans from Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp., according to a regulatory filing from December 2020, the most recent one available with this information. Musk has also said some of his shares in SpaceX are pledged, but hasn’t disclosed details about how many.
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