Twitter users gave their opinion and it indicated that he should sell 10% of his Tesla stock, which is worth roughly $21 billion. As per financial analysis by a renowned news agency, Musk’s stake in Tesla was around 170.5 million shares as of June 30, and selling 10% of his stock would be supposedly worth to $21 billion relying on Friday’s closing price.
Elon Musk is the wealthiest person and the founder of many visionary firms, including SpaceX and Neuralink.
Details
Elon Musk conducted a ‘poll’ on his Twitter Handle on Saturday to determine if he should sell 10% of his stockholdings in Tesla Inc. to settle taxes. Tesla and SpaceX CEO Elon Musk posited selling his electric-powered vehicle (9EV) firm’s stock in a snarky post on Saturday, Nov 6, in reaction to US President Joe Biden’s newly enacted Democratic plan to impose taxes on the top billionaires, along with Musk, Amazon founder Jeff Bezos, Facebook founder Mark Zuckerberg, and 700 others.
Musk urged his 63 million Twitter followers if he can sell 10% of his Tesla stock to allow the US government to deduct taxes from his revenues. When the polling concluded on Sunday, 57.9% of the 3.5 million votes cast were in favour.
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?
— Lorde Edge (@elonmusk) November 6, 2021
Elon Musk also said that he is committed to follow the result of the poll.
Also Read: Elon Musk Will Donate 2% of his Net Worth To The Global Hunger Cause; Conditions Applied
My Cash Payment Is Virtually Zero: Elon Musk
Musk’s earnings are largely made up of Tesla stock, which does not offer him a cash salary. “I only have stockholdings, therefore selling shares is the only method for me to pay taxes personally”, he said.
Musk slammed the tax claims, describing the report as “a load of extremely misleading material” and stating that he does not “truly earn a salary” from his businesses.
“My cash payment is virtually zero,” Tesla CEO Elon Musk said, despite the fact that he owns billions of dollars in Tesla and SpaceX stock options. Musk then stated that if he chooses to liquidate those stocks in the coming days, he will have to pay more than 50% in taxes.
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.
— Lorde Edge (@elonmusk) November 6, 2021
Also Read: Mukesh Ambani Joins Jeff Bezos, Elon Musk in World’s Elite $100B Club
Elon Musk is Also Famed For His Witty Tweets
He also slammed a UN official who claimed that only a small portion of the billionaire’s money could assist end world starvation. On his Twitter thread, he stated that he would sell Tesla stock if the World Food Project could explain the proper accounting.
Musk, the wealthiest man famed for his witty tweets, pointed a recent study on the wealthy holding unrealized gains to avoid taxation.
In the financial world, his tweet caused quite a stir.
Tesla’s Market Capitalization Surpassed $1 Trillion
The company’s market capitalization just surpassed $1 trillion, making it one of only five publicly traded corporations in the United States to achieve that milestone.
However, since Oct. 28, several current and former Tesla members of the board, notably Robyn Denholm, Kimbal Musk, Ira Ehrenpreis, and Antonio Gracias, have actually sold hundreds of millions of dollars worth of their company’s stock.
