Bigger than 3.5 million Twitter customers took portion in a pollheld by Elon Musk this weekend to determined whether or no longer he ought to sell 10 p.c of his Tesla stock. And the solution changed into pretty certain cut: almost 58 p.c of voters educated him to sell.
In a tweet on Saturday Musk educated his Twitter followers: “Grand is made no longer too long ago of unrealized gains being a strategy of tax avoidance, so I propose promoting 10% of my Tesla stock.” Musk then requested them whether or no longer they supported the transfer, giving them straightforward certain or no alternate suggestions.
Tesla shares fell by more than 5 p.c in step with the records, shedding from $1,222.09 on the Friday sooner than the pollto $1,157.30 on Monday morning. But that’s a minute tumble relative to the 73 p.c upward thrust Tesla stock has loved all the diagram in which thru 2021, which fill given the company a valuation of $1.2 trillion.
Musk launched the pollper week after claiming that he would donate the proceeds of the sale of $6 billion of Tesla stock to the United Countries food agency if it would possibly per chance present how the money would solve world hunger.
Grand is made no longer too long ago of unrealized gains being a strategy of tax avoidance, so I propose promoting 10% of my Tesla stock.
Form you strengthen this?
— Lorde Edge (@elonmusk) November 6, 2021
The Tesla CEO doesn’t steal a salary from the automobile company he helped realized, but in step with the Bloomberg Billionaires Index Musk commands a $338 billion fortune, one quarter of which is Tesla stock alternate suggestions. Yahoo Finance says that if he exercised all of his alternate suggestions now and sold the shares he would be in line for a broad $95.9 billion windfall sooner than taxes.
A Looming Tax Bill Might per chance per chance well additionally simply Be Within the serve of It All
Musk, who’s currently the realm’s richest man and has previously been in hot water with the Securities and Alternate Price (SEC) over tweets which fill moved Tesla’s stock impress, had promised to abide by the final consequence of this weekend’s Twitter ballot. But in step with CNBC he would fill almost definitely needed to starting up promoting hundreds and hundreds of shares this quarter anyway as a consequence of a looming tax invoice estimated at more than $15 billion.