America's billionaires are selling off stocks like never before, why?
America's billionaires have unloaded $42.9 billion in stock through the start of December, more than double the $20.2 billion they sold in all of 2020, according to the Bloomberg Billionaires Index.
Why are billionaires selling off their stocks?
One plausible explanation is that this is how they plan to pay their upcoming tax bills in the new year.Last month, the House of Representatives passed a superwealth surtax of 5% on income over $10 million and 3% more if it tops $25 million.
The surtax — which would take effect in 2022 and still has to make it through the Senate — applies to capital gains, meaning cashing out stock holdings would be pricier. In other words, billionaires have two more weeks to save up to 8% on their tax bills.
Another factor driving sales is that the Fed has to step in to cool down the overheated economy with tapering, could billionaires be selling off their stocks at the “top” before a market crash?
Also,billionaires could have a variety of personal reasons for selling now, including funding charitable endeavors, like Jeff Bezos.
Mooers, what do you think about the recent billionaire selloffs?![]()
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Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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green x win : after causing fud they can buy back at lower prices anyway
Tony10x green x win: Absolutely, after FUD they can double down cheaper
Treyfor3 : They know something that we don’t know. Always follow big money
战神鑫爷 : They causing a panic stock dive, to the others it seems the stock going to crash but they gonna buy back at a lower price which will then pushes back the economy and so does the pricing of the stock
Durian Crust : They know valuation at this level is not sustainable in the long term, cash out the gainz before its too late. Dump it to retails who will baghold in the red for the next couple of years. Easy money for them
Uzotabe : US mkt is going to crash 50% from the top..nasdaq down Jones s&p 500
Ghostraiden64 : This article was posted in Tiger Brokers on yesterday, is an old news to me.
jasonsouza77 : Its simple. The rich and elite control the stock market
Giovanni Ayala :
Let's Goooooo!!!!
HeathenChef : trying to get more money
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