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Billionaire Bill Gates Has a Bold Plan to Shrink the Wealth of the Rich – Here’s How He Intends to Pull It Off

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4 hours ago

October 3, 2024

Bill Gates has a bold vision for the future of wealth in America. The billionaire tech giant believes the rich should give back more – and he’s not afraid to say it.

In his new Netflix series, “What’s Next? The Future with Bill Gates,” the former Microsoft CEO made a surprising statement: If he were in charge of the U.S. tax system, 70% of America’s wealthiest would see their fortunes shrink.

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Gates didn’t pull any punches. “The wealthy would have a third as much under the tax system I envision,” he stated. His reasoning? Gates firmly believes in more progressive taxation and thinks the estate tax should play a bigger role in leveling the financial playing field.

With a net worth of $128 billion, Gates is the 8th richest person on the planet, trailing names like Elon Musk and Warren Buffett. And yet, he’s openly willing to chip away at his fortune. “Under my tax system, I’d be tens of billions of dollars poorer,” he said in an interview with The Independent.

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At present, the U.S. tax system takes about 23% from billionaires. Gates thinks that’s too low. He believes the government can raise taxes on the rich without discouraging innovation. “The tax system could be more progressive without significantly hurting the incentive to do fantastic things,” he explained.

Gates’ tax stance ties into his larger mission through the Bill & Melinda Gates Foundation. For years, he has advocated for better social safety nets, arguing that higher taxes on the rich could help fund universal health care, housing and education. These are causes that lie at the heart of his foundation’s work.

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In his Netflix show, Gates invited a well-known voice on the topic: Vermont Sen. Bernie Sanders. Sanders has always been a strong advocate for increasing taxes on the rich and, during the episode, didn’t hold back. He proposed a dramatic change – a 60% tax hike for the wealthiest Americans.

“So if you’re asking me, ‘Do I think we should eliminate the concept of billionaires?’ Yeah, I do,” Sanders said. The senator has long argued that the superrich should pay much more, with his tax plans proposing a 60% levy on America’s wealthiest citizens.

While Sanders acknowledged Gates’ innovations in the tech world, he didn’t hold back his opinion that no person should control billions of dollars. “Bill’s a very innovative guy,” Sanders said, adding that such vast fortunes are simply too much for one person to handle.

It wasn’t the first time Sanders has voiced such ideas. Over the years, he’s consistently pushed for policies that would significantly curb the fortunes of the ultrarich.

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This article Billionaire Bill Gates Has a Bold Plan to Shrink the Wealth of the Rich – Here’s How He Intends to Pull It Off originally appeared on Benzinga.com

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CryptoCurrency

Tesla stock drops 3% after Q3 deliveries fall short of estimates

Published

4 hours ago

October 3, 2024

NewsAdmin

Tesla Q3 deliveries could drive 'further strength' in the stock

Tesla (TSLA) announced third quarter deliveries on Wednesday that slightly missed expectations, sending the stock down about 3%.

The EV maker delivered 462,890 vehicles in the three months ending Sept. 30, up 6.4% quarter over quarter to mark the first quarter of delivery growth this year. The numbers also came in ahead of the 435,059 EVs the company delivered in the year-ago period.

Wall Street had expected Tesla to deliver closer to 463,897, according to Bloomberg.

The Model 3 and Model Y represented the bulk of Tesla’s overall total, with those two vehicles combining for 439,975 deliveries.

Prior to the delivery numbers’ release, Tesla stock had been up around 20% in the past month, fueled by optimism about its upcoming robotaxi event on Oct. 10 and good news coming out of China indicating rising sales there.

But investors have also debated a “notably lower” annual vehicle growth rate, which Tesla warned about after the first quarter.

The company is currently dealing with stiff competition in China from Chinese automakers like BYD and Xpeng. Recent price cuts have also squeezed profit margins as competition intensifies.

Analysts have said next week’s robotaxi event will serve as a pivotal moment for the company’s future and its plans to further utilize artificial intelligence.

“We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, FSD, and AI future at Tesla,” Wedbush analyst Dan Ives wrote in a note to clients on Tuesday.

Tesla will report third quarter earnings on Oct. 23.

Alexandra is a Senior Reporter at Yahoo Finance. Follow her on X @alliecanal8193 and email her at alexandra.canal@yahoofinance.com

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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Palantir Technologies, Inc. (NYSE:PLTR) stock may not have seen explosive growth but it has become a quite favorite with retail investors and as the company celebrates its fourth anniversary as a public company, here’s a look at how the company has rewarded its investors.

The Company: Palantir was co-founded by venture capital investors Peter Thiel, Alex Karp, its current CEO, and Stephen Cohen in 2003. Headquartered in Denver, Colorado, the company provides data analytics software and services to government and business clients.

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The company currently has four platforms, namely

Gotham is primarily used across government functions and it helps users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. It is also now offered to commercial customers. Foundry creates a central operating system for clients’ data. Apollo enables the rapid, secure delivery of software and updates across businesses, and also enables customers to securely deploy their own software in virtually any environment.

AIP allows responsible AI-advantage across the enterprise by using primary, core components built to effectively activate LLMs and other AI within any organization.

In the most recent quarter, Palantir reported revenue growth of 27% to $678 million, with government customers accounting for $371 million or roughly 55% of the total revenue. The commercial segment contributed $278 million. Lending credence to the ongoing momentum, the company closed 27 deals valued at over $10 million during the quarter and the customer count climbed 41%.

The company also raised its revenue guidance for the full year to $2.742 billion to $2.750 billion.

Palantir was added to the broader S&P 500 Index in September.

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Tech bull and Wedbush analyst Daniel Ives recently raised the price target for Palantir shares from $38 to $45, citing his increasing confidence in the enterprise-driven AIP Strategy. More enterprises are strategically discussing the potential deployment of AIP, in 2025, said Ives. “With AI spending expected to ramp significantly within IT budgets in 2025, we believe the Messi of AI – Palantir is in a prime spot to continue expanding its pipeline/deal flow,” he added.

The Palantir IPO: Palantir went public on Sept. 2020 through a direct listing, and the reference price was $7.25 apiece, giving the company a valuation of $16 billion. The shares opened the session at $10 and traded in a range of $9.11 and $11.41 before closing at $9.50.

The Palantir Stock: Although the stock did not get a post-listing boost, it topped at $39.22 in early Feb. 2021 and went about a broad consolidation move throughout the year. The stock pulled back along with the broader market in 2022 and turned into a muted performance until mid-2023. Since then, the stock has staged a nice recovery.

$1,000 invested in Palantir at the stock’s closing price of $9.50 on the debut session would have fetched an investor 105 shares. The same shares would be worth about $3,916 based on Monday’s closing price. The hypothetical investment would have fetched a return of about 292%. The S&P 500 has gained a little over 71% during the same period.

Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.

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This article If You Invested $1,000 In Peter Thiel Co-founded Palantir When It IPOed 4 Years Ago, Here’s How Much You Would Have Now originally appeared on Benzinga.com

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