Ripple's Chief Technology Officer David Schwartz recently revealed what he had It sold His shares were lost on Friday for tax reduction purposes.
The well-known Ripple executives have bought other stocks that like to maintain their market exposure.
Schwartz says it could return to recently sold stocks after a 31-day period.
Under Internal Revenue Service (IRS) rules, tax deductions are not permitted if the same share is bought back within a month.
In a nutshell, Schwartz used a common strategy to achieve his short-term capital losses so that he could reduce his taxable income.
“What I sold is something I recently bought. I'm trying to maintain my losses in the short term and make profits as long as possible,” he explained.
Earlier this week, the US stock market experienced the largest two-day wipeout in history, experiencing a total loss of over $6 trillion.
Meanwhile, financial experts argue that Americans should refrain from rushing at 401(k). According to Fortune, tax revenues are part of top recommendations, along with exposure to diversification and buffer exchange funds (ETFs).
