$15 billion sky high tax bill! Musk may be forced to sell Tesla shares

截至纽约时间周日下午2:15，约58%的受访者支持马斯克出售股票，42%的人反对，表示他将出售股票。根据他持有的1.705亿特斯拉股份，这些股份的价值约为210亿美元。马斯克还表示，无论结果如何，他都将"遵守投票结果"。

As of 2:15 p.m. New York time on Sunday, about 58% of the respondents supported Musk's sale of shares and 42% opposed it, indicating that he would sell shares. According to his 170.5 million Tesla shares, the value of these shares is about $21 billion. Musk also said that he would "abide by the voting results" regardless of the result.

然而，事实上，不管调查结果如何，马斯克可能在本季度出售数百万特斯拉股票，因为它将收到超过150亿美元的巨额税款。

However, in fact, regardless of the survey results, musk may sell millions of Tesla shares this quarter because it will receive a huge tax bill of more than $15 billion.

作为薪酬计划的一部分，马斯克在2012年获得了大量股票期权。因为他没有工资或现金红利，他的财富来自股票奖励和特斯拉股价上涨带来的收入。马斯克在2012年的奖励为2280万股，执行价格为每股6.24美元。上周五，特斯拉的股价收于每股1222.09美元，这意味着他的股票总收入略低于280亿美元。

As part of the compensation plan, musk obtained a large number of stock options in 2012. Because he doesn't get salary or cash bonus, his wealth comes from the stock reward and the income brought by the rise of Tesla's share price. Musk's award in 2012 was 22.8 million shares at an executive price of $6.24 per share. On Friday, Tesla's share price closed at $1222.09 per share, which means that his total stock income is slightly less than $28 billion.

特斯拉最近还透露，马斯克以其股票作为抵押获得了一笔贷款。通过出售股票，他可能想偿还部分债务。特斯拉在今年第三季度提交给美国证券交易委员会（SEC）的备案文件中指出："如果我们的普通股价格大幅下跌，马斯克无法通过其他方式筹集资金，他可能会被一家或多家银行机构强迫出售特斯拉普通股以偿还贷款。任何此类出售都可能导致我们的普通股价格进一步下跌。"

Tesla also recently revealed that musk has obtained a loan with his shares as collateral. By selling shares, he may want to repay part of his debt. In the filing document submitted to the securities and Exchange Commission (SEC) in the third quarter of this year, Tesla pointed out: "If the price of our common stock falls sharply and musk is unable to raise funds by other means, he may be forced to sell Tesla common stock by one or more banking institutions to repay the loan. Any such sale may lead to a further decline in the price of our common stock."

这些期权将于明年8月到期。然而，为了行使这些股份，马斯克必须支付所得税。由于期权作为员工福利或报酬征税，因此将按照最高的普通收入水平征税，即37%加上3.8%的净投资税。此外，马斯克必须支付加州最高税率13.3%，因为这些期权应在加州的纳税期内授予。

These options will expire in August next year. However, in order to exercise these shares, musk must pay income tax on the proceeds. Since options are taxed as employee benefits or compensation, they will be taxed at the highest ordinary income level, i.e. 37% plus 3.8% net investment tax. In addition, musk must pay California's highest tax rate of 13.3%, because these options should be granted during California's tax period.

加在一起，马斯克的联邦和加州股票销售税率将达到54.1%。因此，以目前的价格计算，他的期权的总税单将为150亿美元。马斯克还没有确认税收收入的规模。但他在推特上写道："请注意，我没有从任何地方获得现金工资或奖金。我只有股票，所以我个人纳税的唯一方式就是出售股票。"

Taken together, Musk's federal and California tax rates on the sale of shares will reach 54.1%. Therefore, at current prices, the total tax bill for his options will be $15 billion. Musk has not confirmed the scale of tax receipts. But he wrote on Twitter: "note that I don't get cash wages or bonuses from anywhere. I only have stocks, so the only way I can personally pay tax is to sell stocks."

由于首席执行官出售股票的时间有限，马斯克希望销售时间至少间隔两个季度。因此，分析师和税务专家预计他将在2021年第四季度开始出售股票。在9月的代码会议上，马斯克说："我有很多期权将在明年初到期，所以很多期权将在第四季度出售。因为我必须这样做，否则它们将到期。"

Due to the limited time for CEOs to sell shares, musk hopes to interval the sales time by at least two quarters. Therefore, analysts and tax experts expect him to start selling shares in the fourth quarter of 2021. At the code conference in September, musk said: "I have a lot of options that will expire at the beginning of next year, so a lot of options will be sold in the fourth quarter. Because I have to do so, otherwise they will expire."

当然，马斯克也可以抵押他的特斯拉股票来借更多的钱。目前，他的特斯拉股票总价值超过2000亿美元。然而，马斯克已经向债权人承诺了9200万股现金贷款。在代码会议上，当被问及如何使用这种波动性股票作为抵押品时，他说："股票并不总是上涨，也会下跌。"

Of course, musk can also mortgage his Tesla shares to borrow more money. At present, the total value of his Tesla shares exceeds $200 billion. However, musk has pledged 92 million shares to creditors for cash loans. At the code meeting, when asked how to use such volatile stocks as collateral, he said: "stocks do not always rise, they also fall."

除了特斯拉2012年的薪酬计划外，马斯克还积累了更多的选择。2018年3月，特斯拉董事会授予他前所未有的"首席执行官绩效奖"，包括1.013亿份股票期权（根据2020年5:1的股票分割进行调整），分12批授予。

In addition to Tesla's 2012 compensation plan, musk is also accumulating more options. In March 2018, Tesla's board of directors granted him an unprecedented "CEO performance award", including 101.3 million stock options (adjusted according to the stock split of 5:1 in 2020), which were granted in 12 batches.

韦德·布什证券公司（Wade Bush securities）分析师丹·艾夫斯（Dan ives）表示，尽管内部人士大量出售股票通常被视为负面信号，但如此大规模的出售不会对特斯拉产生太大影响。他表示，机构投资者和散户投资者对特斯拉股票的需求仍然很高。投票支持球迷和投资者的非正统做法也可能缓解任何担忧。

Dan ives, an analyst at Wade Bush securities, said that although a large number of share sales by insiders are usually regarded as a negative signal, such a large-scale sales will not have much impact on Tesla. He said that institutional investors and retail investors still have high demand for Tesla shares. The unorthodox practice of voting for the support of fans and investors may also alleviate any concerns.

艾夫斯在一次电话采访中说："出售10%的特斯拉股份可能只会使已发行股份增加1.5%至2%，因此影响不大。我相信他这样做肯定会减少影响，并有助于改变人们的观点。"

"Selling 10% Tesla shares may only increase the outstanding shares by 1.5% to 2%, so it has not had much impact. I believe his doing so will certainly reduce the impact and help change people's views," Ives said in a telephone interview

今年，特斯拉的股价飙升73%，至每股1222.09美元。截至11月5日，该公司的市值达到1.2万亿美元。作为特斯拉的首席执行官和最大股东，马斯克可能在过去三个月内出售特斯拉日平均交易量的80%。如果包括期权，他可以卖出更多的股票。

This year, Tesla's share price has soared 73% to $1222.09 per share. As of November 5, the company's market value reached $1.2 trillion. As the CEO and largest shareholder of Tesla, musk may sell 80% of Tesla's daily average trading volume in the past three months. If options are included, he may sell a larger number of shares.

看好特斯拉的未来基金投资组合经理加里·布莱克（Gary black）表示，马斯克潜在的股票出售将导致"1-2天内出现温和的抛售压力"，但他表示，机构投资者将有强烈的需求，急于以折扣价购买特斯拉的股票。

Gary black, portfolio manager of the future fund, which is bullish on Tesla, said that Musk's potential stock sale would lead to "moderate selling pressure in 1-2 days", but he said that institutional investors would have a solid demand to rush to buy Tesla shares at a discount price.

旧金山法律公司斯普林迈耶定律的律师布莱恩SprimeMyar说："借这么多钱去纳税似乎是疯狂的，所以我不得不假设他需要出售大量的股票来购买纳税。"

Bryan springmeyer, a lawyer at springmeyer law, a San Francisco law firm, said: "it seems crazy to borrow so much money to pay taxes, so I have to assume that he needs to sell a large number of shares purchased from the exercise of options to pay taxes."

彭博亿万富翁指数显示，马斯克目前的个人财富为3380亿美元，其中约四分之一是特斯拉的股票期权，他可以随时行使。如果他现在行使所有期权并立即出售，他的税前净收入将达到959亿美元。

Bloomberg billionaire index shows that Musk's current personal wealth is $338 billion, about a quarter of which is Tesla's stock options, which he can exercise at any time. If he exercised all his options now and sold them immediately, his net income before tax would reach $95.9 billion.

马斯克可能暗示，除了用他持有的特斯拉股份借入的现金外，他还需要更多的流动性。上周，他表示，如果联合国能够证明60亿美元有助于缓解世界饥饿，他将出售一些股票。多年来，马斯克一直表示，他将是最后一个出售股票的人，当特斯拉从华尔街筹集资金时，他经常增加头寸，以避免稀释他的股票。

Musk may be hinting that he wants more liquidity in addition to the cash borrowed against his stake in Tesla. Last week, he said he would sell some shares if the United Nations could prove that $6 billion could help alleviate world hunger. Over the years, musk has always said that he will be the last person to sell shares, and when Tesla raises funds from Wall Street, he often increases his position to avoid diluting his shares.

2020年底，马斯克迁往德克萨斯州，该州不征收州个人所得税。但随着特斯拉市值的飙升和个人财富的扩大，马斯克已经成为不平等加剧的象征。他似乎对此很敏感。在一项关于超级富豪如何避税的调查中，他是被提及的亿万富翁之一，并成为推动对亿万富翁征税的国会议员的目标。

At the end of 2020, musk moved to Texas, which does not collect state personal income tax. But with Tesla's soaring market value and the expansion of his personal wealth, musk has become a symbol of increased inequality. He seems to be very sensitive to this. In a survey on how the super rich avoid taxes, he is one of the billionaires mentioned and has become the target of Congressmen who promote the taxation of billionaires.

俄勒冈州民主党参议员罗恩·怀登（Ron Wyden）周六在推特上写道："世界首富是否纳税不应该取决于推特上的民意调查结果。现在是征收亿万富翁所得税的时候了！"

Ron Wyden, a Democratic senator from Oregon, wrote on twitter on Saturday: "whether the world's richest man pays taxes or not should not depend on the poll results on twitter. It's time to levy a billionaire income tax!"

在成为世界首富的过程中，马斯克使他的许多粉丝、员工和其他投资者成为百万富翁，甚至至少有一位亿万富翁。新加坡散户投资者兼企业主廖开元就是其中之一。他用自己可观的财富购买了价值超过70亿美元的特斯拉股票。

In the process of becoming the world's richest man, musk has made many of his fans, employees and other investors millionaires, or even at least one billionaire. Singapore retail investor and business owner Liao Kaiyuan is one of them. He used his considerable wealth to buy Tesla shares worth more than $7 billion.

包括廖开元在内的许多粉丝表示，马斯克是时候从特斯拉身上获益了，即使这只是为了把钱花在马斯克探索太空和神经网络的其他项目上。廖开元说："从政治和税收的角度来看，伊隆没有现金，他别无选择，只能卖掉自己的股票来交税，保持现金充裕。"

Many fans, including Liao Kaiyuan, said that it is time for musk to gain from Tesla, even if it is just to spend the money on Musk's other projects to explore space and neural networks. Liao Kaiyuan said: "from the perspective of politics and taxation, Elon has no cash. He has no choice but to sell his shares to pay taxes and keep his cash abundant." (reviewed by Tencent technology / Jinlu)

Link：https://new.qq.com/omn/20211108/20211108A01GAJ00.html

update time：2021-11-08 10:59:45