
Elon Musk took out a $61 million mortgage from Morgan Stanley to buy five California properties. Mark Zuckerberg also used a mortgage to purchase multimillion-dollar mansions. Financial experts say this strategy allows ultra-wealthy individuals to leverage equity, reduce tax exposure, and access lower borrowing costs. The move is feasible due to their vast net worths, with Musk's net worth at $703 billion.
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Silicon Valley was built on public money, now it's fighting California's billionaire tax
Summary by ByteBrief