Elon musk should sell 10% tesla stock, according to a twitter survey
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In a Twitter poll, voters requested Elon Musk to sell 10% of his Tesla stock in order to pay taxes. More than 3.5 million Twitter users participated in Mr. Musk’s poll, which was posted on Saturday, with approximately 58 percent in favour of the stock sale.
He might sell about $21 billion (£16 billion) worth of Tesla stock as a result of the decision.
Mr. Musk, one of the world’s wealthiest men, has yet to publicly comment on the decision or how and when he plans to sell his interest. If he goes through with the transaction, he may be hit with a hefty tax burden.
Some CEOs employ so-called “blind” sales programmes to dispose of big stock holdings, spreading the transaction out over a long period of time to avoid charges of insider trading.
Mr. Musk stated in a tweet on Saturday that he had received no salaries or bonuses from any of his firms, implying that he had no earnings on which to pay income tax. However, he has amassed billions of dollars as a result of a pay scheme that allows him to exercise significant quantities of stock options when the company accomplishes performance goals and its stock prices reach certain levels.
Billionaires might be taxed on unrealised gains when the price of their stock rises, according to ideas presented by the Democratic Party in the Senate, even if they do not sell any of their stock. The proposed capital gains tax, which would apply whether or not assets were sold, is estimated to affect around 700 billionaires in the United States. The value of assets does not necessarily increase, according to critics.
On Twitter, venture investor Chamath Palihapitiya remarked, “We are witnessing the Twitter masses determine the fate of a $25 billion coin flip.”
With roughly 63 million followers on Twitter, Mr. Musk is one of the most well-known corporate leaders.
He uses the platform on a regular basis to disseminate information from the firms he owns, such as SpaceX and Neuralink. He is also known for posting memes, which adds to his fan base. However, some of the posts have sparked debate.