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Elon Musk Sells More Shares Worth $1 Billion

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Tesla earnings

Tesla Chief Executive Officer (CEO) Elon Musk sold another 934,091 shares valued at $1.05 billion. This came after the decision to exercise options to buy 2.15 million shares.

Musk, who is the world’s richest man, tweeted on November 6 that he would sell 10 percent of his Tesla stock if the majority of those following him on Twitter approved.

About 58% of the 3.5 million followers approved of the plan, and the South African born billionaire started to follow through. In this month alone, he has dumped a total of $9.85 billion inside Tesla stock, including the $6.9 billion he sold around the week of November 10, and the $1.9 billion he sold around November 15 and November 16.

This sale of just over 934,000 shares was announced at a stock filing on Tuesday night. Some of the shares were however sold partly to fulfill tax obligations which are related to an exercise of stock options.

According to a CNBC report, Elon Musk and his trust still hold well above 169 million shares in the electric vehicle maker.

In the week that followed the famous Elon Musk Twitter poll, Tesla shares fell by over 15%. On Wednesday, Tesla shares went up about 1%.

That week, a new electric car rival for Tesla, Rivian Automotive made its debut on the stock market and had its cap market value flying to $100 billion just on the first day of trading.

The Wall Street Journal calculates that Elon Musk’s financial movements have reduced his prospective tax bill by around $480 million. These financial movements back the world’s richest man’s public arguments with American lawmakers concerning tax policy.

Musk only recently announced that Tesla’s headquarters has been moved from Silicon Valley in California to Austin Texas. The billionaire has also almost cut all existing ties with California, as he put the last remaining mansion of his on the market last month.

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Warren Buffett Donates $5.3 Billion in Berkshire Shares to Charities

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Warren Buffett - Investors King

Renowned investor Warren Buffett has reaffirmed his commitment to philanthropy by donating $5.3 billion worth of Berkshire Hathaway shares to five charitable foundations.

The donations announced on Friday will see the Bill & Melinda Gates Foundation Trust receive the largest portion, totaling 9.93 million Class B shares of Berkshire Hathaway.

Also, the Susan Thompson Buffett Foundation will receive 993,035 shares, while the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation will each benefit from 695,122 shares.

Buffett, approaching his 94th birthday in August, said his annual contributions first announced in a publication back in 2006 are important.

These shares represent a significant portion of Buffett’s holdings, with his remaining Class A stock valued at approximately $127 billion, constituting nearly 99.5% of his net worth.

Over the past 18 years, Buffett has maintained a steadfast commitment to his Berkshire holdings, refraining from both buying and selling Class A or B stock.

The impact of Buffett’s philanthropy extends far beyond these recent donations, as the five foundations have collectively received Berkshire Class B shares valued at approximately $55 billion since 2006.

This ongoing support has enabled these organizations to fund initiatives ranging from global health and education to poverty alleviation and community development.

As the Berkshire shares are transferred to the designated foundations, stakeholders anticipate a continuation of impactful programs and initiatives supported by Buffett’s generosity.

Moving forward, Buffett’s philanthropic efforts are expected to further inspire and catalyze global philanthropy, setting a precedent for strategic giving and leveraging financial resources for maximum societal benefit.

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LeBron’s New Lakers Deal Pushes Net Worth to Nearly $1.5 Billion

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LeBron James has signed a two-year, $104 million deal with the Los Angeles Lakers, according to sources familiar with the matter.

This contract sets a new record for an NBA player of his age and pushes his net worth to almost $1.5 billion based on estimates from the Bloomberg Billionaires Index.

At 39 years old, James remains one of the league’s top superstars, holding the all-time scoring record and maintaining an average of 25.7 points per game last season.

His enduring performance on the court, coupled with this lucrative contract, underscores his continued dominance in professional basketball.

James’ wealth is not only derived from his NBA salary but also from an extensive portfolio of sponsorships, investments, and his own ventures.

His business empire includes the SpringHill Co., a consumer and entertainment company valued at approximately $725 million.

The company received significant investment from Nike Inc., among others, in 2021.

James’ lifetime deal with Nike is projected to bring in $1 billion, adding to his financial achievements.

Also, he earned over $100 million from the sale of Beats Electronics to Apple Inc. in 2014. His diverse investments include a 1% stake in Fenway Sports Group, which owns the Boston Red Sox, Pittsburgh Penguins, and Liverpool Football Club.

The new contract also aligns with James’ personal aspirations, allowing him to play alongside his 19-year-old son, Bronny James Jr., who was recently drafted by the Lakers and agreed to a four-year, $7.9 million deal.

This father-son duo marks a significant milestone in NBA history.

LeBron James has long expressed his goal of owning an NBA franchise, and this latest contract brings him closer to achieving billionaire status, a crucial step towards that dream.

His financial success mirrors his extraordinary career on the court, where he has been a dominant force since being drafted first overall by the Cleveland Cavaliers in 2003.

As James enters his 22nd NBA season, his influence extends far beyond basketball. His financial acumen and strategic investments have solidified his place as one of the wealthiest athletes in the world, trailing only behind legends like Michael Jordan, who recently sold his stake in the Charlotte Hornets, amassing a net worth of over $4 billion.

James’ continued success both on and off the court exemplifies his moniker “King James,” showcasing his unparalleled talent and business savvy.

With his latest contract, LeBron James reaffirms his position as a leading figure in sports and business, inspiring athletes and entrepreneurs alike.

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Amazon’s Bezos Set to Sell $5 Billion More in Stock on Record-Breaking Day

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Jeff Bezos companies

Jeff Bezos, the iconic founder and former CEO of the tech giant, announced plans to sell an additional $5 billion worth of Amazon shares.

The decision comes on the heels of Amazon’s shares rising to an all-time high of $200,  a historic milestone since its initial public offering in 1997.

Tuesday’s filing detailed Bezos’s intent to divest himself of a significant portion of his Amazon holdings.

While sales could commence immediately following the filing, Bezos’s ongoing divestitures in 2024 now worth an estimated $13.5 billion.

Since February, Bezos has been actively reducing his stake in Amazon, this represents his first major stock sales since 2021.

The recent announcement indicates his commitment to further diversifying his portfolio while maintaining a substantial ownership interest in the company he founded.

Following the latest transaction, Bezos will retain nearly 912 million shares, equivalent to about 8.8% of Amazon’s total outstanding shares.

His current holdings show his continued influence over the company, despite stepping down as CEO in 2021 and transitioning into the role of executive chairman.

Bezos’s decision to liquidate a portion of his Amazon holdings coincides with the company’s robust performance in the market.

Amazon’s stock has surged 32% this year alone, bolstered by strong growth prospects in its cloud computing division and anticipated advancements in generative AI technologies.

At 60 years old, Bezos remains one of the wealthiest individuals globally, with a net worth of approximately $221.6 billion, according to Bloomberg’s wealth index.

Beyond Amazon, he also oversees Blue Origin, a pioneering space exploration company, and holds ownership of The Washington Post.

Bezos’s relocation from Seattle to Miami last November has garnered attention, particularly due to tax implications.

By moving to Florida, which lacks a state-level capital gains tax like Washington state’s 7% levy implemented in 2022, Bezos stands to save considerable sums in taxes, potentially amounting to hundreds of millions of dollars.

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