Key PointsIn this articleElon Musk sells more than $1.1 billion in Tesla stock CEO faces a tax bill of more than $15 billion in the coming months on stock options, making a sale of his Tesla stock this year likely .Musk asked his 62.7 million Twitter followers over the weekend whether he should sell 10% of his Tesla holdings. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he tweeted.The Tesla CEO said he would "abide by the results of this poll, whichever way it goes." The results were 58% in favor of selling and 42%...…Key PointsIn this articleElon Musk sells more than $1.1 billion in Tesla stock CEO faces a tax bill of more than $15 billion in the coming months on stock options, making a sale of his Tesla stock this year likely .Musk asked his 62.7 million Twitter followers over the weekend whether he should sell 10% of his Tesla holdings. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he tweeted.The Tesla CEO said he would "abide by the results of this poll, whichever way it goes." The results were 58% in favor of selling and 42%...WW…

Key PointsLamborghini reported record profits in 2020 as its wealthy customers — especially in China — rode the global bull market in style.Despite a mandatory factory shutdown of over two months during the Covid-19 pandemic, the "raging bull" of the auto world delivered 7,430 cars in 2020, down only 9% from the record high in 2019. Sales topped 1.6 billion euros ($1.9 billion at the current exchange rate), down 11% from 2019, but the company said profits increased to a record high as customers ordered more pricey, highly customized cars.13 hours agoThe outlook for 2021 looks even brighter...…Key PointsLamborghini reported record profits in 2020 as its wealthy customers — especially in China — rode the global bull market in style.Despite a mandatory factory shutdown of over two months during the Covid-19 pandemic, the "raging bull" of the auto world delivered 7,430 cars in 2020, down only 9% from the record high in 2019. Sales topped 1.6 billion euros ($1.9 billion at the current exchange rate), down 11% from 2019, but the company said profits increased to a record high as customers ordered more pricey, highly customized cars.13 hours agoThe outlook for 2021 looks even brighter...WW…

Key PointsSales contracts in Manhattan for residential real estate soared by 73% in February, and brokers say the days of big price cuts and deals in the city may be ending.There were more than 1,110 sales contracts signed in February, up from 642 in 2019 and marking the third straight month of year-over-year gains, according to a report from Douglas Elliman and Miller Samuel.After seeing historic declines in deal volume in 2020, as hundreds of thousands of people migrated from the city to the suburbs and other states, Manhattan's real estate market is bouncing back more quickly than many...…Key PointsSales contracts in Manhattan for residential real estate soared by 73% in February, and brokers say the days of big price cuts and deals in the city may be ending.There were more than 1,110 sales contracts signed in February, up from 642 in 2019 and marking the third straight month of year-over-year gains, according to a report from Douglas Elliman and Miller Samuel.After seeing historic declines in deal volume in 2020, as hundreds of thousands of people migrated from the city to the suburbs and other states, Manhattan's real estate market is bouncing back more quickly than many...WW…

Key Points would owe $5.7 billion in taxes for 2020 under the proposed by a group of Senate and House Democrats and independent Sen. Bernie Sanders on Monday.Sens. , D-Mass., , I-Vt., and others unveiled their , saying it would raise trillions in much-needed revenue and help reduce a wealth divide that has only grown wider during . The tax would be a 2% annual levy on wealth over $50 million and 3% on wealth over $1 billion.Warren said the tax would only affect the wealthiest 100,000 American families — or the top 0.05% — and would raise about $3 trillion over 10 years. She said the added...…Key Points would owe $5.7 billion in taxes for 2020 under the proposed by a group of Senate and House Democrats and independent Sen. Bernie Sanders on Monday.Sens. , D-Mass., , I-Vt., and others unveiled their , saying it would raise trillions in much-needed revenue and help reduce a wealth divide that has only grown wider during . The tax would be a 2% annual levy on wealth over $50 million and 3% on wealth over $1 billion.Warren said the tax would only affect the wealthiest 100,000 American families — or the top 0.05% — and would raise about $3 trillion over 10 years. She said the added...WW…

Key PointsKoss directors, execs sell at least $44 million in stock this weekExecutives, directors and members of the Koss family sold more than $44 million in stock in over the past week as shares soared from the retail-investor buying frenzy.Members of the Koss family, who own about 75% of the Milwaukee-based maker of headphones, sold $31 million of stock, according to filings with the Securities and Exchange Commission.The filings suggest they sold at prices between $19 a share and over $60 a share. The company's shares were trading under $4 a share before it became popular with the...…Key PointsKoss directors, execs sell at least $44 million in stock this weekExecutives, directors and members of the Koss family sold more than $44 million in stock in over the past week as shares soared from the retail-investor buying frenzy.Members of the Koss family, who own about 75% of the Milwaukee-based maker of headphones, sold $31 million of stock, according to filings with the Securities and Exchange Commission.The filings suggest they sold at prices between $19 a share and over $60 a share. The company's shares were trading under $4 a share before it became popular with the...WW…

Key PointsPalihapitiya on Musk: The world's richest person should be somebody who's fighting climate change just became the richest person in the world, with a net worth of more than $185 billion, according to CNBC calculations.Thursday's increase in share price pushed Musk past , who had been the richest person since 2017 and is currently worth about $184 billion. Musk's wealth surge over the past year marks the fastest rise to the top of the rich list in history — and is a dramatic financial turnaround for the outspoken entrepreneur who just 18 months ago was in the headlines for Tesla's...…Key PointsPalihapitiya on Musk: The world's richest person should be somebody who's fighting climate change just became the richest person in the world, with a net worth of more than $185 billion, according to CNBC calculations.Thursday's increase in share price pushed Musk past , who had been the richest person since 2017 and is currently worth about $184 billion. Musk's wealth surge over the past year marks the fastest rise to the top of the rich list in history — and is a dramatic financial turnaround for the outspoken entrepreneur who just 18 months ago was in the headlines for Tesla's...WW…

Key PointsBiden tax plan defines wealthy at $400,000 per year or moreDemocratic presidential candidate says his tax hikes would only affect the wealthy — defining that as those who make more than $400,000 a year.But according to a financial planning analysis, families making $400,000 a year aren't exactly living large — especially in major cities. A family of four with $400,000 a year in income is more likely to drive a Toyota and take staycations than drive a Lambo and fly first class.By national measures, those making $400,000 or more in income belong to a rarified group. They represent...…Key PointsBiden tax plan defines wealthy at $400,000 per year or moreDemocratic presidential candidate says his tax hikes would only affect the wealthy — defining that as those who make more than $400,000 a year.But according to a financial planning analysis, families making $400,000 a year aren't exactly living large — especially in major cities. A family of four with $400,000 a year in income is more likely to drive a Toyota and take staycations than drive a Lambo and fly first class.By national measures, those making $400,000 or more in income belong to a rarified group. They represent...WW…

Key PointsA spate of IPOs and robust tech growth helped China's billionaires add $1.5 trillion to their wealth, bringing the total worth of China's billionaires to $4 trillion, according to a new report, which described the increase as the country's fastest growth ever.China minted 257 billionaires over the past year — averaging five new billionaires a week — bringing the total to 878, according to the Hurun Rich List 2020, which tracks wealth in China. That total would exceed the 788 billionaires in the U.S., as measured by Wealth-X. (Wealth-X and others, however, use different...…Key PointsA spate of IPOs and robust tech growth helped China's billionaires add $1.5 trillion to their wealth, bringing the total worth of China's billionaires to $4 trillion, according to a new report, which described the increase as the country's fastest growth ever.China minted 257 billionaires over the past year — averaging five new billionaires a week — bringing the total to 878, according to the Hurun Rich List 2020, which tracks wealth in China. That total would exceed the 788 billionaires in the U.S., as measured by Wealth-X. (Wealth-X and others, however, use different...WW…

Key PointsApartment sales in Manhattan plunged by 46% in the third quarter, as homebuyers continued to flow to the suburbs and Florida, according to new real estate reports.There are now about 10,000 apartments for sale in Manhattan, which would be a record, according to Compass. With so many new listings pouring onto the market and so few buyers, the inventory of unsold apartments continues to rise in a city that already had a glut of high-end apartments before the pandemic. The current supply of luxury apartments for sale would take nearly three years to sell, according to a report from...…Key PointsApartment sales in Manhattan plunged by 46% in the third quarter, as homebuyers continued to flow to the suburbs and Florida, according to new real estate reports.There are now about 10,000 apartments for sale in Manhattan, which would be a record, according to Compass. With so many new listings pouring onto the market and so few buyers, the inventory of unsold apartments continues to rise in a city that already had a glut of high-end apartments before the pandemic. The current supply of luxury apartments for sale would take nearly three years to sell, according to a report from...WW…

Key PointsBillionaire hedge funder is going head-to-head with the billionaire governor of Illinois over a plan to increase taxes on the wealthy.Griffin, the founder and CEO of Citadel, contributed $20 million to a campaign opposing a ballot measure that would allow the state to increase taxes on high earners. Illinois governor J.B. Pritzker has given more than $56 million to a campaign in support of the plan — setting up a big-money battle to influence voters before Election Day.The measure would repeal the state's constitutional requirement for a flat income tax, meaning all taxpayers pay...…Key PointsBillionaire hedge funder is going head-to-head with the billionaire governor of Illinois over a plan to increase taxes on the wealthy.Griffin, the founder and CEO of Citadel, contributed $20 million to a campaign opposing a ballot measure that would allow the state to increase taxes on high earners. Illinois governor J.B. Pritzker has given more than $56 million to a campaign in support of the plan — setting up a big-money battle to influence voters before Election Day.The measure would repeal the state's constitutional requirement for a flat income tax, meaning all taxpayers pay...WW…