The CEO of Tesla, Elon Musk, set up a Twitter poll asking whether he should sell 10% of his Tesla stock. In Musk’s words, “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?” Following this poll, he then noted, “not take a cash salary or bonus from anywhere,” he emphasized, “I only have stock. Thus the only way for me to pay taxes personally is to sell stock.” He mentioned that he would abide by the poll results no matter which direction they go.
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Elon Musk’s poll received 3.5 million votes, 57.9% being Yes.
Congress passed the $1.2 trillion United States Infrastructure Bill on Friday after lowering its tax plan on unrealized capital gains aimed at billionaires. That portion of the plan is split into its own $1.9 trillion bills, which they will vote on separately later.
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Elon Musk, the world’s richest man with a net worth of $318.4 billion, has been critical of the plan on Twitter multiple times in recent weeks. Bit coiners have chimed in to express their displeasure with Musk. Some recommended Musk utilize the profits from the sale of his Tesla to purchase Bitcoin. Others are hoping that the Tesla entrepreneur would invest in Dogecoin because he has supported cryptocurrency. He recently revealed to the public that he has a hold of three cryptocurrencies: bitcoin, ether, and Dogecoin.
Some were not happy with Musk’s tweets. Some concerns selling 10% of Musk’s Tesla position will interfere with stock prices. And others who thought that letting Twitter decide on so much wealth was a poor idea.
Senator Ron Wyden of Oregon, a supporter of the unrealized gains tax, responded to Musk’s survey.
“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax.”
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Last week, Musk offered to sell his Tesla stock if world hunger can be solved. “If WFP can describe on this Twitter thread exactly how $6B will eliminate world hunger, I will sell Tesla stock right now and do it,” Musk stated in response to a claim by the director of the United Nations’ World Food Program (WFP) that 2 percent of his fortune might end world hunger. “But it must be open-source accounting,” he stressed, “so the public can see exactly how the money is spent.”
As of June 30, Musk owned approximately 170.5 million shares of Tesla. Based on Tesla’s current stock price, selling 10% of his stake would leave him $21 billion.