NEW YORK: Another zany tweet or a real question? Elon Musk polled his more than 62 million Twitter followers on Saturday about whether he should sell 10 percent of his Tesla shares, insisting he would do as voters say.
The over-the-top electric car maker’s query follows a proposal by Congressional Democrats to tax the super-wealthy more heavily by targeting stocks, which are usually only taxed when sold.
“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10pc of my Tesla stock,” Musk wrote, asking followers whether they agree “yes” or “no.” “I will abide by the results of this poll, whichever way it goes,” the multi-billionaire said. Around 7pm, nearly 53 percent had voted in favor of selling.
Musk owned about 17 percent of Tesla’s outstanding shares as of June 30, currently worth $208.37 billion, according to Bloomberg. The entrepreneur was also awarded a large package of stock options and convertible shares as compensation.
Taking into account his stakes in his other companies such as neurotechnology firm Neuralink and especially SpaceX, Musk is in theory the richest man in the world, with an estimated fortune of some $338 billion, according to Bloomberg.
“Note, I do not take a cash salary or bonus from anywhere,” Musk tweeted.
“I only have stock, thus the only way for me to pay taxes personally is to sell stock.”
Published in Dawn, November 8th, 2021
