Elon Musk posted a poll on Twitter regarding his $21 Billion Tesla Stock, decision to be made on poll’s outcome
On Saturday, the CEO of Tesla, Elon Musk, asked his Twitter followers (about 62.5 million) whether he should sell 10 per cent of his stocks in Tesla by a poll.
Elon Musk had previously said as he has to exercise a large number of stock options coming due next year, he might face a massive tax bill this year.
On Saturday on Twitter, the CEO said that he does not take a cash salary or bonus, and the only thing he has are stocks; thus, the only way for him to personally pay taxes is by selling stocks.
While referring to billionaires’ tax proposed by the Democrats, he said that much is made lately of unrealized gains being a means of tax avoidance, and thus he proposed selling 10 per cent of his tesla stocks.
He also added that he would abide by whatever is the outcome of Twitter’s poll.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.Advertisement
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021Advertisement
Just after the poll was posted by Musk, in seven hours, the poll received approximately 2 million responses, around which 55 per cent was in approval of selling the 10 per cent of Tesla stocks.
On Sunday, around 3 pm ET (2000 GMT), the Twitter poll is scheduled to end.
According to Reuters calculations, as of 30 June, Musk’s shareholding in Tesla was around 170.5 million and selling 10 per cent of stocks would be worth around $21 billion as of Friday’s closing.
According to a Tesla filing, CEO Elon Musk has an option where he can buy each share at $6.24, numbering 22.86 million shares which would expire on 13 August next year.
On Friday, $1,222.09 was the closing price of Tesla.
Elon Musk said in September that the gains he will make from exercising options, half of it would go into taxes.
The possibility was also dismissed by him that he would take loans as collateral from his Tesla shares.
At the code conference, he stated that the Stocks does not always go up; they go down too.
It was recently announced by Elon Musk on Twitter that he would sell $6 billion in Tesla stocks and donate it to World Food Program, as the organization disclosed more information on how it spent its money.
In 2018, Elon Musk got into some trouble regarding a tweet on taking Tesla private.