Elon Musk took to Twitter to ask a very important question: should he sell $25 billion USD worth of Tesla stock to pay taxes?
The Tesla and SpaceX CEO set up a Twitter poll asking his followers if they support his move to sell a percentage of his Tesla stock. “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote, adding that he “will abide by the results of this poll, whichever way it goes.” He continued, “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”
The poll ended with 57.9% of the 3,519,252 users voting “Yes,” however Musk has yet to address the final result.
Forbes noted that if Musk does stay true to his word and sells 10% of his Tesla stock, it will be executed over time so that the stock market doesn’t crash. The CEO could also end up paying around 20% of capital gains tax or the combined 54% state and federal tax.
In late October, analysts suggested that Musk could become the world’s first trillionaire after Tesla’s valuation topped $1 trillion USD. Adam Jones shared, “More than one client has told us if Elon Musk were to become the first trillionaire…it won’t be because of Tesla. Others have said SpaceX may eventually be the most highly valued company in the world — in any industry.”
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Lorde Edge (@elonmusk) November 6, 2021
I will abide by the results of this poll, whichever way it goes
— Lorde Edge (@elonmusk) November 6, 2021
Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.
— Lorde Edge (@elonmusk) November 6, 2021
Elsewhere in tech, the world’s first USB-C iPhone is currently selling for $100,000 USD on eBay.
