Technology CEOs Selling Shares

US President Joe Biden said he was “tired” of seeing large companies not pay proportionate taxes. In this sense, a tax was created that came to be known as the “Biden tax” or “million dollar tax.”

To avoid such a tax, CEOs of the world’s leading technology companies have already sold about 25 billion euros of shares this year.

Biden tax: tech stocks bring in $ 25 billion

Leaders Tesla, Amazon and Facebook have sold twice as many bonds since 2020 to avoid the so-called Biden tax, according to a Bloomberg publication.

The bond sale began after Congress passed the Biden Tax, also known as the Million Dollar Tax, which would force multinationals to pay 5% on undisclosed profits in excess of $ 10 million (about 8.8 million euros), or 8% ... for income above $ 25 million (€ 22.1 million).

The financial measures are aimed at receiving about 202 billion euros over the next 10 years to support the economic agenda of the US President and his successors. However, despite the approval, the tax was canceled, as it turned out. Bloomberg...

From the list of leaders who sold shares, we find Elon Musk, the owner of Tesla, who has so far traded 8.9 billion euros in shares, which he has not done since 2018. Even so, Musk will pay € 9.7 billion in taxes. Jeff Bezos (8.8 billion) from Amazon, Mark Zuckerberg (3.9 billion) from Meta / Facebook, and Google co-founders Larry Page (1.4 billion) and Sergey Brin (1.3 billion) million).

Elon Musk remains the richest man in the world with a capital of 215.5 billion euros. According to CM, the founder of Tesla and SpaceX even manages to surpass the $ 205 billion Portuguese GDP (gross domestic product).

In second place is Jeff Bezos with 177.5 billion euros. Bill Gates, Larry Page, Mark Zuckerberg, Sergey Brin, Steve Ballmer and Larry Ellison entered the top 10.