Elon Musk lets Twitter-poll decide whether or not to sell 10% of his Tesla stock
Elon Musk posted a Twitter-poll on Saturday to decide whether or not to sell a part of his Tesla stock. The American industrial engineer and entrepreneur started the poll as a reaction to the Democratic proposal to tax unrealized gains of millionaires.
Early Tesla investor, Elon Musk, has been actively talking about his income and taxes on Twitter. ‘Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock’, Musk tweeted. The shares in question hold a value of 21 billion US dollars. The poll was closed on Sunday, revealing that 57% of 3.5 million votes were in favor.
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?
— Elon Musk (@elonmusk) November 6, 2021
The entrepreneur wanted to clarify earlier comments on him not paying taxes. With the Twitter-poll Musk wants to discharge claims against him about his unrealized gains being used for tax avoidance.
Unrealized gains are assets that increase in value without having been sold in cash. In that case, Elon Musk only holds unrealized gain, not cash. Because he does not make cash money from his assets, they can not be taxed. ‘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’, Musk said on Twitter.
How and when
Musk has yet to comment how or when he will sell his share. This will most likely be shared on his Twitter account.
Text: Fleur Bijtebier
Final editor: Andrei Stiru