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Elon Musk has sold $ 1,020 billion worth of Tesla shares in recent days

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Elon Musk has sold $ 1,020 billion worth of Tesla shares in recent days

Since November, Elon Musk has sold about $ 15 billion worth of shares in an electric car company.

According to the market, the multimillionaire also exercised a call option on 1.6 million Tesla shares at $ 6.24 as part of the compensation package agreed in 2012.

Currently, the value of one share is $ 1,077.

The Wall Street Journal reported that Musk’s stake in Tesla is now about 177 million shares, and Forbes ranks this businessman as the richest man in the world, his fortune is estimated at $ 275 billion.

Elon Musk is not paid for his role as CEO of Tesla or the aerospace company SpaceX, instead he is paid in shares of both companies.

This decision allowed the businessman to avoid paying taxes on his wealth, because in the United States taxpayers pay taxes only on their income or on the sale of shares.

In early November, Musk surveyed his 62.5 million Twitter followers to find out what they thought he could reduce his stake in Tesla by selling shares.

“There has been a lot of talk about unrealized profits as a way to avoid paying taxes, so I propose to sell 10% of my shares in Tesla. Support? Musk asked.

In the end, most of the answers were yes, after which the multimillionaire sold shares worth $ 14 billion.

Musk investigated before the series of stock options he received in 2012 as payment for his duties as Tesla CEO expired in August 2022.

If he waited until 2022, Musk would have to pay higher taxes.

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Several specialist media outlets noted that Musk is funding his lifestyle with loans he receives, backed by Tesla stock, allowing him to cut his tax returns.

This year, news organization ProPublica released a report that revealed that Musk paid $ 455 million in taxes between 2014 and 2018, despite his assets growing by $ 13.9 billion over that period.

And in 2018, they did not pay federal taxes.

In 2020, Musk has already moved his official residence from Los Angeles, California, where he has lived for the past 20 years, to Austin, Texas. Changing your place of residence can significantly reduce the taxes you pay.

And in October, Musk announced that he would move Tesla’s headquarters from Palo Alto, also in California, to Austin, which he justified the high cost of living in California.

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Economy

Any car for sale should have these 11 systems

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Any car for sale should have these 11 systems

BUT From this Wednesday, July 6, the European Union introduced new measures. All vehicles on sale from this date must already have multiple safety systems in order for the purpose of the bodywork to reduce road deaths and accidents.

Yesterday we talked about ISA – Intelligent Speed ​​Assistant – but there are 10 more systems that are now mandatory following the European Union directive.

Remember that the obligation applies to all new models, but those on sale at the moment have a two-year deadline to comply with this rule.

Among the 11 safety systems that are now mandatory are the pre-installation of a breathalyzer inside the vehicle, a data logging system (the so-called “black box”) and an intelligent speed assistant.

All mandatory systems from July 6 in cars

  • Smart speed assistant;
  • Lane Keeping Assistant;
  • Front crash test update (full-width) and improved seat belts;
  • Rear camera or detection system;
  • Detector of drowsiness and absent-mindedness;
  • Breathalyzer of blocking of ignition before installation;
  • Passenger protection – strikes against poles;
  • Data recording in case of accidents (black box);
  • Emergency stop system;
  • Autonomous emergency braking;
  • Extended head impact zone for pedestrians and cyclists and protective glass.

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Economy

Starting from this environment, there are 11 more mandatory pieces of equipment in the car.

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Starting from this environment, there are 11 more mandatory pieces of equipment in the car.

On July 6, 2022, a rule will come into effect requiring all new vehicles sold in the European Union to include new safety systems in the list of standard equipment 11.

The rule applies to all new models released for sale, and for models already on sale, a two-year adaptation period is provided.

What systems will become mandatory?

The European Union wants to reduce the number of fatal accidents in Europe, so it will oblige all car manufacturers to install a wide variety of safety equipment. Some of them are already included in the list of series of many models.

Here is the full complete list:

-Autonomous emergency braking
– Fatigue and distraction detection system
– Pre-installation of the ignition blocker breathalyzer
– Warning triangle
-Recording data in case of an accident
-Updated frontal crash test across the entire width of the car; improved seat belts
-Increased head impact area for pedestrians and cyclists; safety glass
– Smart speed assistant
– Track maintenance assistant
– Passenger Protection: Pole Collision
– Rear camera or detection system

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Economy

Bargain hunters bring profit to Europe. Oil continues to fall – markets in a minute

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Bargain hunters bring profit to Europe.  Oil continues to fall - markets in a minute

Gold recovers very weakly. Euro awaits fire test

Gold remains near six-month lows under pressure from a rally in the dollar, which currently acts as a safe haven, at a time when investors fear a recession and see the US Federal Reserve (Fed) tighten monetary policy.

The yellow metal rose 0.21% to $1,768.51 an ounce, but remained very close to its December 15 low of $1,764.07 last year. In turn, the Bloomberg Dollar Index, which compares the strength of the green note against 10 competing currencies, is at its March 2020 highs, trading at the waterline (0.03%) to 106.48.

“Gold seems to be in second place against the dollar,” Gavin Wendt said in an interview with Bloomberg. A senior analyst at MineLife explains that “gold has performed well this year, but the recent gains in the dollar have had a negative impact on gold, which is priced in dollars.”

This Wednesday, investors will be keeping a close eye on the release of the minutes of the latest Fed meeting as the market looks for clues that the central bank may raise its key interest rate from 50 basis points to 75 basis points next month. The meeting is scheduled for July 26 and 27.

In the Eurozone, the single currency is at the waterline against the dollar (0.07%) at $1.026, but remains at a 20-year low against the green note. The euro-dollar pair will be put to the test this week as analysts believe it’s only a matter of time before the euro equals the dollar, with some even acknowledging that the single currency could be worth less than the dollar.

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“It’s only a matter of time before the euro reaches parity with the dollar,” Neil Jones, head of foreign exchange at Mizuho, ​​said in defense, quoted by Bloomberg. Mario Martins, analyst at ActivTrades, goes further and even admits in statements to Negosios that “it is absolutely possible for the euro to be worth less than the dollar. It’s not an absolute case because it hasn’t happened yet, but it’s almost inevitable at the moment. Very possibly this week.”

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