Tesla Chief Executive Elon Musk asked on Saturday his 62.5 million Twitter followers in a poll whether he should sell 10 percent of his stock in Tesla or not.
This act comes after the US Congress proposed taxing billionaires to help fund the USA President Joe Biden’s climate and social spending agenda.
The richest person in the world, previously said he may face a “massive” tax bill this year. As he has to exercise a large number of stock options coming due next year.
Elon Musk promised to “abide by the results of this poll, whichever way it goes.”
In seven hours after Musk posted The poll, received near 2 million responses. With 55% of respondents approving the proposal to sell the shares. The poll is scheduled to end at 3 p.m. ET on Sunday.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
“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 a stock,” Musk tweeted on Saturday.
According to Bloomberg’s Billionaire Index, Musk is one of the richest people in the world. With a net worth of $338 billion.
At the end of last month, Tesla has reached a market value of $1 trillion dollars.
Elon Musk shares from Tesla
Musk said that he receives no salary from Tesla. As of the close of trading on Friday, his 170.5 million shares of Telsa were worth $208.3 billion. Since the price of every single share is $1,2209.09, 10 percent of them would be valued at $20.8 billion.
Musk has owned 80% of those 170.5 million Tesla shares since the company’s initial public offering in 2010.
For someone in Musk’s income bracket, a 20% With long-term capital gains tax rate, would equal a tax bill from the sale approaching $4.2 billion.
There are still a few hours before the poll closes. Do you think Musk will keep his word and “abide by the results of this poll, whichever way it goes.”?
I would say yes .and he would know better than most
Go Go Go 💪💪💪