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His Twitter followers decided: Musk should sell 10% of his Tesla stock

His Twitter followers decided: Musk should sell 10% of his Tesla stock

Elon Musk asked his Twitter followers if he should sell 10% of his Tesla stock. 3.5 million of them voted between Saturday and Sunday and answered “yes” to 57.9%.

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“I was ready to accept the outcome, whatever it may be,” said the businessman, who regularly uses the social network to make unexpected announcements or surprising comments. But he did not specify when or how he intended to sell his shares.

The head of the eccentric electric-car maker appears to have his eye on a recent proposal from Democratic parliamentarians, proposing to tax the super-rich by targeting their shares, usually only taxing them when they are sold. It was so obvious at the moment.

Elon Musk criticized the proposal in late October, writing in a tweet: “They ended up using everyone else’s money, come and get yours.”

On Saturday, he touched on the topic again, writing: “There’s been a lot of talk lately about unrealized gains as a tool for tax evasion, so I’m proposing to sell 10% of my Tesla stock.”

His tweet referenced a short poll indicating that netizens vote “yes” or “no”.

According to Bloomberg, Elon Musk owned about 17% of Tesla’s shares outstanding as of June 30, which are currently worth $208.37 billion.

By selling 10% of its shares, it could theoretically recover just under $21 billion.

The entrepreneur also received a large pool of stock options and convertible shares as compensation.

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His fortune has ballooned with the recent surge in the title, from about $130 in early 2020 to $1,222.09 Friday night.

With his stakes in his other companies, especially the rocket builder SpaceX, Elon Musk is theoretically the world’s richest man with a fortune that Bloomberg estimates at $338 billion.

“Note that I don’t get my salary in cash or bonus anywhere,” he said on Twitter on Saturday. “I only have shares, so the only way for me to pay taxes in person is to sell the shares,” he added.