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Thursday, March 23, 2023

Musk asks Twitter followers if he should sell 10 percent of his Tesla stock

On Saturday, the CEO of Tesla Inc. Elon Musk asked his 62.5 million Twitter followers if he should sell 10 percent of his Tesla shares.

“A lot has been done lately out of unrealized profits as a tax evasion tool, so I’m proposing to sell 10% of my Tesla shares,” Musk tweeted, referring to the “billionaire tax” proposed by Democrats in the US Senate.

Musk tweeted that he will stick to the poll results no matter how he goes.

More than 700,000 responses have been received in one hour since the poll was published, with nearly 56 percent of respondents approving the offer to sell the shares.

According to Reuters, Musk’s stake in Tesla as of June 30 is about 170.5 million shares, and the sale of 10 percent of his shares at Friday’s close will be about $ 21 billion.

Analysts say he may have to sell a significant number of shares to pay taxes anyway, as more options expire next year.

Musk’s comments follow a proposal by Congress to tax billionaire assets to help pay for President Joe Biden’s social programs and the fight against climate change.

Musk is one of the richest people in the world and the owner of several futuristic companies including SpaceX and Neuralink. He previously criticized the billionaire tax on Twitter.

“Note, I do not take any salary or bonuses anywhere. I only have stocks, so the only way for me personally to pay taxes is to sell stocks, ”Musk said on Twitter.

Tesla’s board members, including Elon Musk’s mother Kimbal, recently sold shares in the electric car maker. Kimbal. Musk sold 88,500 Tesla shares, while another board member, Ira Ehrenpreis, sold more than $ 200 million worth of shares.

Anne Maria Shibu and Hyunju Jin

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World Nation News Desk
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