On Saturday, the Chief Executive of Tesla Inc (TSLA.O) Elon Musk asked his 62.5 million followers on Twitter in a poll whether he should sell off 10 percent of his Tesla stock.
Earlier, the wealthiest person in the world had said he might have to bear a “massive” tax bill this year since he has to implement a large number of stock options set to arrive in the coming year.
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On Saturday, Musk took to Twitter stating “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,”
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?
— Lorde Edge (@elonmusk) November 6, 2021
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“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 percent of my Tesla stock,” he stated, indicating towards a “billionaires’ tax” which has been recommended by Democrats.
The proposed “billionaires’ tax” has been criticized by Musk, which would impact 700 billionaires and levy taxes for long-term capital gains on tradable assets, no matter if they have been sold out or not.
Musk stated that he will sustain the outcomes of the poll, whichever path it leads.
The poll gathered around 2 million responses within merely seven hours after he posted it, along with 55 percent of respondents encouraging the proposal to sell off the shares. The poll was planned to finish on Sunday around 3 p.m. ET (2000 GMT).
In Tesla, Musk’s shareholding comes to nearly 170.5 million shares as of 30th June, and selling off 10 percent of his stock would be worth nearly $21 billion based on value on Friday’s closing, according to reports.
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‘Stocks Go Down’
According to a Tesla filing, Musk has a choice to purchase 22.86 million shares at $6.24 per share, which lapses on 13th August next year. On Friday, Tesla’s closing price was $1,222.09. In September, Musk stated he is probably to pay taxes of more than half of the surplus he would earn from implementing options.
He also busted the probability that he would borrow loans by keeping his Tesla shares as collateral. To this, he stated at the code conference “Stocks don’t always go up. They go down.”
Some board members of Tesla, along with his brother Kimbal Musk, dumped mass numbers of shares following Tesla stock knocking a record high in October late.
Recently, Musk stated on Twitter he would sell off $6 billion in Tesla stock and grant it to the World Food Program (WFP), given that the organization makes disclosures about more details of how it spent its money.
His tweet uplifted some eyebrows in the world of finance.
Chamath Palihapitiya who is a Venture investor wrote on Twitter “We are witnessing the Twitter masses deciding the outcome of a $25B coin flip.”
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Further Berkeley economist Gabriel Zucman tweeted “Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll,”
In 2018, Musk got involved in a troublesome situation with a tweet regarding taking Tesla private.