Tesla's stock price has lost nearly half of its value since Elon Musk’s purchase of Twitter went through in October. AP
Tesla's stock price has lost nearly half of its value since Elon Musk’s purchase of Twitter went through in October. AP
Tesla's stock price has lost nearly half of its value since Elon Musk’s purchase of Twitter went through in October. AP
Tesla's stock price has lost nearly half of its value since Elon Musk’s purchase of Twitter went through in October. AP

Business

Markets

Elon Musk warns against margin debt because of market volatility

Tesla chief executive put up billions of own money when he bought Twitter for $44 billion this year

Bloomberg

December 25, 2022

  • English
  • Arabic

Billionaire Elon Musk is warning against something he himself has done — borrowing against the value of securities one owns — because of the risk of “mass panic” in the stock market.

“I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep powder dry,” Mr Musk said in the All-In podcast released on Friday.

“You can get some pretty extreme things happening in a down market.”

The Tesla chief executive put up billions of his own money when he purchased Twitter for $44 billion earlier this year and saddled the company with $13 billion of debt.

Bloomberg News has reported that Mr Musk’s bankers are considering replacing some of the high-interest debt he layered on Twitter with new margin loans backed by Tesla stock that he’d be personally responsible for re-paying.

He’s also disposed of nearly $40 billion of Tesla’s shares, a move that contributed to driving the stock to a two-year low.

  • Jared Kushner and Elon Musk watch the Fifa World Cup final match between Argentina and France. Getty Images
    Jared Kushner and Elon Musk watch the Fifa World Cup final match between Argentina and France. Getty Images
  • Mr Musk attends model and businesswoman Heidi Klum's 2022 Halloween party at Moxy Lower East Side, in New York City Getty
    Mr Musk attends model and businesswoman Heidi Klum's 2022 Halloween party at Moxy Lower East Side, in New York City Getty
  • Mr Musk on stage next to Optimus the humanoid robot in Palo Alto, California, in September 2022 AFP
    Mr Musk on stage next to Optimus the humanoid robot in Palo Alto, California, in September 2022 AFP
  • Mr Musk speaks at the Tesla Giga Texas manufacturing 'Cyber Rodeo' grand opening party, in Austin, Texas, in 2022 AFP
    Mr Musk speaks at the Tesla Giga Texas manufacturing 'Cyber Rodeo' grand opening party, in Austin, Texas, in 2022 AFP
  • Mr Musk shakes hands with Brazil's then president Jair Bolsonaro, at the event Conecta Amazonia in Porto Feliz, Sao Paulo state, in 2022 AFP
    Mr Musk shakes hands with Brazil's then president Jair Bolsonaro, at the event Conecta Amazonia in Porto Feliz, Sao Paulo state, in 2022 AFP
  • Mr Musk and his mother, Maye Musk, arrive for the 2022 Met Gala at the Metropolitan Museum of Art in New York, in 2022 AFP
    Mr Musk and his mother, Maye Musk, arrive for the 2022 Met Gala at the Metropolitan Museum of Art in New York, in 2022 AFP
  • Mr Musk attends the start of the production at Tesla's Gigafactory in Gruenheide, in 2022 AFP
    Mr Musk attends the start of the production at Tesla's Gigafactory in Gruenheide, in 2022 AFP
  • Mikey Day as a lawyer, Cecily Strong as a judge, and host Mr Musk as Wario during the 'Wario' sketch on NBC's 'Saturday Night Live', in 2021 Getty
    Mikey Day as a lawyer, Cecily Strong as a judge, and host Mr Musk as Wario during the 'Wario' sketch on NBC's 'Saturday Night Live', in 2021 Getty
  • Mr Musk and son X Æ A-12 onstage at 'Time' Person of the Year in New York, in 2021 AFP
    Mr Musk and son X Æ A-12 onstage at 'Time' Person of the Year in New York, in 2021 AFP
  • Mr Musk dancing onstage during a delivery event for Tesla's China-made Model 3 cars in Shanghai, in 2021 Reuters
    Mr Musk dancing onstage during a delivery event for Tesla's China-made Model 3 cars in Shanghai, in 2021 Reuters
  • Mr Musk with Armin Laschet, at the time CDU party federal chairman and prime minister of Germany's North Rhine-Westphalia, at the Tesla Gigafactory in Gruenheide, in 2021 Getty
    Mr Musk with Armin Laschet, at the time CDU party federal chairman and prime minister of Germany's North Rhine-Westphalia, at the Tesla Gigafactory in Gruenheide, in 2021 Getty
  • Mr Musk at the construction site of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, in 2020 EPA
    Mr Musk at the construction site of the Tesla Gigafactory in Gruenheide, near Berlin, Germany, in 2020 EPA
  • Mr Musk leaves a New York court in 2019, after a hearing in a lawsuit brought against him by the US Securities and Exchange Commission Getty
    Mr Musk leaves a New York court in 2019, after a hearing in a lawsuit brought against him by the US Securities and Exchange Commission Getty
  • A prototype of SpaceX's Starship spacecraft in Boca Chica, Texas, in 2019 Reuters
    A prototype of SpaceX's Starship spacecraft in Boca Chica, Texas, in 2019 Reuters
  • Mr Musk and then partner Grimes at The Metropolitan Museum of Art in New York City, in 2018 AFP
    Mr Musk and then partner Grimes at The Metropolitan Museum of Art in New York City, in 2018 AFP
  • From left, Mr Musk, Corning chief executive Wendell Weeks, then US president Donald Trump and Johnson & Johnson chief executive Alex Gorsky at the White House, in 2017 AFP
    From left, Mr Musk, Corning chief executive Wendell Weeks, then US president Donald Trump and Johnson & Johnson chief executive Alex Gorsky at the White House, in 2017 AFP
  • Mr Musk presents his plan to colonise Mars at the International Astronautics Congress in Guadalajara, Mexico, in 2016 EPA
    Mr Musk presents his plan to colonise Mars at the International Astronautics Congress in Guadalajara, Mexico, in 2016 EPA
  • Mr Musk with then Japanese prime minister Shinzo Abe after a test drive of the Tesla Model S P85D in Palo Alto, California, in 2015 Reuters
    Mr Musk with then Japanese prime minister Shinzo Abe after a test drive of the Tesla Model S P85D in Palo Alto, California, in 2015 Reuters
  • Mr Musk with then wife Talulah Riley at the 2011 British Academy Film Awards in London Getty
    Mr Musk with then wife Talulah Riley at the 2011 British Academy Film Awards in London Getty
  • Mr Musk after Tesla's initial public offering at the Nasdaq market in New York, in 2010 Reuters
    Mr Musk after Tesla's initial public offering at the Nasdaq market in New York, in 2010 Reuters
  • Then US president Barack Obama with Mr Musk on a tour of Cape Canaveral Air Force Station at Cape Canaveral, Florida, in 2010 Reuters
    Then US president Barack Obama with Mr Musk on a tour of Cape Canaveral Air Force Station at Cape Canaveral, Florida, in 2010 Reuters
  • Mr Musk in the Tesla Roadster electric car at the North American International Auto Show in Detroit, in 2009 Reuters
    Mr Musk in the Tesla Roadster electric car at the North American International Auto Show in Detroit, in 2009 Reuters
  • Mr Musk with music producer Quincy Jones at the Tesla Roadster launch party in 2008 AFP
    Mr Musk with music producer Quincy Jones at the Tesla Roadster launch party in 2008 AFP
  • Mr Musk answers questions about the new Tesla Model S all-electric car, at its unveiling in Hawthorne, California, in 2009 AFP
    Mr Musk answers questions about the new Tesla Model S all-electric car, at its unveiling in Hawthorne, California, in 2009 AFP
  • Elon Musk in Los Angeles in 2008. Getty
    Elon Musk in Los Angeles in 2008. Getty
  • Tesla and SpaceX founder Elon Musk in 2004 Getty
    Tesla and SpaceX founder Elon Musk in 2004 Getty

Following the latest sales, Mr Musk again said this week he will stop selling shares, adding that the pause could last for two years or so.

The warning, at least the second made by Mr Musk this month, is ironic given the billionaire has previously pledged his Tesla shares.

As of December 2020, Mr Musk had 92 million Tesla shares pledged as collateral, according to an SEC filing in April 2022.

During the podcast, Mr Musk also reiterated his belief that the US economy is overdue for a recession and that the slowdown could be similar to the scale seen in 2009.

“My best guess is that we have stormy times for a year to a year and a half, and then, dawn breaks roughly in Q2 2024, that’s my best guess,” Mr Musk said. “Booms don’t last for ever, but neither do recessions.”

Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

Updated: December 25, 2022, 7:47 AM
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