Musk Asks Twitter if He Should Sell 10% of His Tesla Stock 

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Tesla Chief Executive Elon Musk on Saturday requested his 62.5 million followers on Twitter if he ought to promote 10% of his Tesla stock.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote in a tweet referring to a “billionaires’ tax” proposed by Democrats within the U.S. Senate.

Musk tweeted that he would abide by the outcomes of the ballot.

The ballot acquired greater than 700,000 responses in a single hour since he posted it, with almost 56% of respondents approving the proposal to promote the shares.

Musk’s shareholding in Tesla involves about 170.5 million shares as of June 30 and promoting 10% of his stock would quantity to about $21 billion based mostly on Friday’s closing, in line with Reuters calculations.

Analysts say he might have to dump a major quantity of shares anyway to pay taxes since a big quantity of choices will expire subsequent year.

The remark from Musk comes after a proposal within the U.S. Congress to tax billionaires’ property to assist pay for President Joe Biden’s social and climate-change agenda.

Musk is one of the world’s richest folks and proprietor of a number of futuristic firms, together with SpaceX and Neuralink. He has beforehand criticized the billionaires’ tax on Twitter.

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

Tesla board members together with Elon Musk’s mom, Kimbal, have lately offered shares of the electrical carmaker. Kimbal Musk offered 88,500 Tesla shares whereas fellow board member Ira Ehrenpreis offered shares price greater than $200 million.