Elon Musk holds Twitter vote over $21bn Tesla share sale

Image offer, Reuters

Image caption,

Elon Musk is serious of a “billionaires tax” being proposed by some Democrats

Voters in a Twitter poll comprise urged Elon Musk to sell 10% of his stake in Tesla in sigh to pay tax.

Bigger than 3.5 million Twitter customers voted in the poll, launched by Mr Musk on Saturday, with nearly 58% vote casting in favour of the percentage sale.

The vote also can peep him gain rid of nearly $21bn (£16bn) of inventory in the electrical carmaker.

He has promised to abide by the , in accordance with a “billionaires tax” proposed by US Democrats.

But Mr Musk, one in all the arena’s richest males, has yet to comment publicly on the choice, or how and when he would sell his stake.

Can also restful he scramble forward with the sale, it goes to also leave him with an tremendous tax bill.

When casting off monumental share holdings, some chief executives exhaust so-called “blind” sales programmes, spreading the sale over an extraordinarily long length of time to handbook certain of accusations of insider Trading.

In an earlier tweet on Saturday, Mr Musk said he took no wage or bonuses from any of his corporations – that manner he has no earnings on which to pay earnings tax.

But he has made billions of greenbacks thru a compensation package, which gives him vitality to narrate monumental quantities of inventory alternate solutions when the firm meets efficiency targets and its shares hit obvious costs.

Mighty is made honest nowadays of unrealized positive factors being a technique of tax avoidance, so I propose promoting 10% of my Tesla inventory.

Fabricate you give a enhance to this?

— Elon Musk (@elonmusk) November 6, 2021

The BBC is no longer any longer accountable for the advise material of external sites.Glance fashioned tweet on Twitter

Mr Musk has an possibility, which expires in August next year, to favor 22.86 million Tesla shares at $6.24 each – a little bit of Tesla’s closing share mark on Friday of $1,222.

Below plans proposed by the Democratic Occasion in the Senate, billionaires would be taxed on “unrealised positive factors” when the payment of their shares goes up – even though they attain no longer sell any of their inventory.

It is miles belief the proposed tax on capital positive factors, whether or no longer or no longer property comprise been offered, also can hit about 700 billionaires in the US. Critics comprise pointed out that the payment of property attain no longer constantly scramble up.

Mr Musk’s fresh Twitter poll has raised some eyebrows on this planet of finance.

“We are witnessing the Twitter heaps deciding the of a $25B coin flip,” Endeavor investor Chamath Palihapitiya wrote on Twitter.

“Taking a explore forward to the day when the richest person on this planet paying some tax does no longer depend on a Twitter poll,” Berkeley economist Gabriel Zucman tweeted.

Media caption,

Who is Elon Musk? Meet the meme-loving magnate in the wait on of SpaceX and Tesla

Mr Musk is one in all the most smartly-liked enterprise leaders on Twitter, with nearly 63 million followers.

He on an on a customary foundation foundation makes exhaust of the platform to share updates from the corporations he owns – along with SpaceX and Neuralink. He’s also identified for sharing memes, along with to his recognition amongst followers.

But some posts comprise drawn controversy.

Earlier this year he tweeted in accordance with a sigh, made by the head of the UN World Food Programme (WFP), that actual 2% of Mr Musk’s wealth also can wait on to clear up world starvation.

In October, Mr Musk said he would sell $6bn in Tesla inventory and donate it to the WFP, offered it goes to also portray “exactly how $6bn will clear up world starvation”.

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