Elon Musk Says He’ll Sell 10% Of His Tesla Stock If Twitter Users Vote For Him To

Topline

Billionaire Tesla chief Elon Musk tweeted Saturday that he became as soon as prepared to sell 10% of his stake within the electrical carmaker if his followers vote for him to attain so in a 24-hour Twitter ballot.

BERLIN, GERMANY DECEMBER 01: SpaceX proprietor and Tesla CEO Elon Musk arrives on the red carpet for the … [+] Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany. (Photo by Britta Pedersen-Pool/Getty Photos)


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Key Facts

Musk, who turned the area’s richest man in September due to a interesting climb in Tesla’s stock tag, tweeted that “mighty is made recently of unrealized positive aspects being a mode of tax avoidance, so I propose promoting 10% of my Tesla stock. Make you make stronger this?”

He promised to abide by the outcomes of the ballot, which became as soon as running 56% in select as of 6 p.m. ET.

He added that promoting stocks is the “completely draw” for him to pay taxes because he does now no longer salvage wage or bonus in money “from wherever.”

As of February, Musk held 227 million Tesla shares, primarily based on an SEC filing, amounting to 22.4% of its stock — 10% of his stake would be price roughly $27.8 billion at Friday’s closing tag.

Astronomical Number

$318.4 billion. That’s how mighty Forbes estimates Musk is price as of Saturday.

Key Background

In September, the White Dwelling released an evaluation showing that the authorized federal particular particular person profits tax charge of the richest 400 billionaire families within the U.S. became as soon as 8.2% between 2010 and 2018. That’s a long way lower than the charge paid by most People because profits from dividends and stock sales is taxed at a maximum 20% in comparison with the utmost 37% that applies to other profits. The ultra-affluent have the probability to deal with as soon as they need capital positive aspects profits to appear on their profits tax returns and “even prevent it from ever showing,” the document notes. 

Extra Finding out

Elon Musk is the utilization of a Twitter ballotto search out out the long lope of 10% of his Tesla shares (CNBC)

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