Elon Musk Lets Twitter Users Decide What to Do With His Tesla Stocks

Musk conducted a poll after criticising a proposal by US Senate Democrats to tax billionaires’ stocks.

Elon Musk Lets Twitter Users Decide What to Do With His Tesla Stocks
Elon Musk pledged to offload Tesla stocks if Twitter users approved the proposal.

Majority of Twitter users that took part in the latest poll created by the multi-billionaire owner of Tesla, Elon Musk, proposing that Elon should sell 10 % of his Tesla stocks. Now the richest person in the world, Elon Musk pledged that he would offload his shares depending on whether people on Twitter agreed to it.



Elon Musk’s Tesla Stocks

Elon Musk tweeted, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 percent of my Tesla stock.”

Musk stated that he does not take bonuses or salaries from any sources and only owns Tesla stocks. Hence, he stated, “Thus, the only way for me to pay taxes personally is to sell Tesla stock.”

 

The Twitter poll received 3.5+ million votes. In the poll, 57.9 percent of people decided that Elon Musk should indeed sell his Tesla stocks. After the voting ended, Musk stated that he was ready for both outcomes. This means that billions will be at stake since Elon Musk currently owns a 23% stake in his company, Tesla.

Recently, the value of Tesla went over $1.35 Trillion (AUD). This makes it the most valuable car company in the world. Furthermore, the number of shares that Musk held in Tesla was around 170.5 million. This means that 10% shares will be equal to approximately $28 billion (AUD).

 

But that is not all. Elon Musk is also the owner of other companies, among which Space X is quite notable. Regarding the big tax bill, Musk stated that he would try various options in the next 3 months.

Among these, selling his Tesla stocks can help him free some funds that he can use to pay the taxes. Since Tesla relocated to Texas last month, Musk has been criticized since the move will result in lower taxes. After all, there is no income tax in Texas.

Kimbal Musk, the brother of Elon, also sold 88500 of his shares in Tesla.

 

Other than that, Elon Musk also offered the UN World Food Programme $6 billion only if they could prove that it would end world hunger.



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