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Elon Musk Asks Followers If He Should Sell $21bn Tesla Stock

by : Poppy Bilderbeck on : 07 Nov 2021 16:04
Elon Musk Asks Followers If He Should Sell $21bn Tesla StockAlamy

Elon Musk has proposed the sale of 10% of his Tesla stock, taking to Twitter to let his 62.5 million followers decide.

Musk’s proposition follows a ‘Billionaires’ Tax’ proposed by Democrats in the US senate. The tax would help pay for US President Joe Biden’s social and climate change plan.

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The Tesla CEO, who is currently the richest man in the world, noted that ‘whichever way’ the poll went, he would ‘abide by’ its results.

As of today, November 7, more than three million people have voted.

Elon Musk. (Alamy)Alamy

Musk wrote: ‘Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.’

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Out of the three million that have answered the poll so far, 57.2% have voted in support of Musk selling 10% of his stock.

As of June 30, Musk owned around 170.5 million shares in Tesla, according to Reuters. And as of Friday, November 5, 10% of Musk’s stock equated to roughly $21 billion.

However, because of multiple options to pay taxes becoming unavailable by next year, analysts suggest Musk will likely have to unload a serious amount of shares regardless, The Guardian reports.

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Despite his creation of the poll, Musk has previously criticized the proposed taxing of billionaires.

He wrote: 

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 stock.

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Alongside the suggested tax to help Biden’s plans, Musk has also been called upon by the director of the UN’s World Food Programme (WFP), David Beasley, who hopes the world’s billionaires could help solve the world hunger crisis.

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Topics: Technology, Elon Musk, Joe Biden, Now, Stock, Tesla

Credits

The Guardian and 1 other
  1. The Guardian

    Elon Musk asks Twitter followers if he should sell 10% of Tesla stock

  2. Elon Musk/Twitter

    @elonmusk