Tesla Elon Musk
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on whatsapp
WhatsApp

Elon Musk Asks Twitterverse If He Should Sell 10% Of His Tesla Shares

Tesla Inc Chief Executive Elon Musk asked his Twitter followers in a poll if he should sell 10 percent of his Tesla stock.

The richest man in the world has previously stated that he is likely to face a “massive” tax bill. According to Musk, he has to exercise a considerable number of stock options that will be due in 2022.

“Note, I do not take a cash salary or bonus from anywhere,” Musk said on Twitter on Saturday. “I only have stock, thus the only way for me to pay taxes personally is to sell stock,” he added.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk said, referring to a “billionaires’ tax” plan hammered out by the Democrats.

Elon Musk Criticizes The Proposed Billionaire Tax Plan

The 50-year-old business magnate has been finding fault with the proposal. As part of the aforesaid tax plan, which will affect 700 billionaires, billionaires will have to pay taxes for tradable assets even if they aren’t sold. Aside from that, the proposal would impose taxes on their long-term capital gains, according to a report from NDTV.

However, Musk said he will accept the results of the poll without objection, regardless of which way it goes. The poll had more than 16,00,000 responses in just five hours after Musk posted it. A noteworthy 54 percent of his followers supported the proposal to sell the shares.

Musk’s Tesla shareholding converts roughly to about a whopping 170.5 million shares as of June 30. In other words, Reuters calculations suggest that if Musk sells 10 percent of his stock, the amount would be around $21 billion based on Friday’s closing.

Billionaire Tax Plan Proposal

The tweet from Musk comes after the proposal in the American congress to tax billionaires’ assets. This will help pay for US President Joe Biden’s social and climate-change agenda.

Musk has previously criticized the billionaires’ tax via a tweet, raising eyebrows in the world of finance.

“We are witnessing the Twitter masses deciding the outcome of a $25B coin flip,” Venture investor Chamath Palihapitiya wrote on Twitter, responding to Musk’s tweet.

“Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll,” Berkeley economist Gabriel Zucman wrote on Twitter.

Tesla shares recently hit a record high after receiving its biggest order of 100K electric rental cars from Hertz.

Sana Khan

Sana Khan

Product of the '90s.

Read More...

Leave a Comment

Your email address will not be published. Required fields are marked *