Musk, Bezos Lead Charge of Billionaires Selling Shares

The video discusses the recent trend of American billionaires selling their stocks, influenced by potential tax law changes in the US. A proposed 8% surcharge on stock sales is prompting billionaires to sell before the law takes effect. Many are also motivated by high stock valuations and philanthropic commitments. The video highlights how these factors are driving stock sales among tech billionaires and others, with notable examples like Jeff Bezos and Jack Dorsey contributing to charitable causes.

What was the reaction of billionaires to the stock market valuations mentioned in the text?

Can you explain the significance of the 8% surcharge mentioned in the text?