KazPost

Kazakhstan News
Friday, Mar 29, 2024

Elon Musk Leaves Fate Of His $21 Billion Tesla Stock On Twitter Poll

Elon Musk Leaves Fate Of His $21 Billion Tesla Stock On Twitter Poll

"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Elon Musk wrote in a tweet referring to a "billionaires' tax" proposed by Democrats in the US Senate.

Tesla Inc Chief Executive Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10 per cent of his Tesla stock.

The world's richest person had previously said he could face a "massive" tax bill this year as he has to exercise a large number of stock options coming due next year.

"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," Musk said on Twitter on Saturday.

"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he said, referring to a "billionaires' tax" proposed by Democrats.

Musk has criticized the proposal, which would affect 700 billionaires and impose taxes for long-term capital gains on tradable assets, whether or not they have been sold.

Musk said that he will abide by the results of the poll, whichever way it goes.


The poll received near 2 million responses in seven hours after he posted it, with 55 per cent of respondents approving the proposal to sell the shares.

The poll is scheduled to end around 3 pm ET (2000 GMT) on Sunday.

Musk's shareholding in Tesla comes to about 170.5 million shares as of June 30 and selling 10 per cent of his stock would amount close to $21 billion based on Friday's closing, according to Reuters calculations.

'STOCKS GO DOWN'


Musk has an option to buy 22.86 million shares at $6.24 each, which expires on August 13 next year, according to a Tesla filing.

Tesla's closing price was $1,222.09 on Friday.

In September, Musk said he is likely to pay taxes of over half the gains he would make from exercising options.

He also dismissed the possibility that he would take loans with his Tesla shares as collateral.

"Stocks don't always go up. They go down," he said at the code conference.

Some Tesla board members, including his brother Kimbal Musk, offloaded large numbers of shares after Tesla stock hit a record high late October.

Musk recently said on Twitter he'd sell $6 billion in Tesla stock and donate it to the World Food Program (WFP), provided the organization disclosed more information about how it spent its money.

His tweet raised some eyebrows in the world of finance.

"We are witnessing the Twitter masses deciding the outcome of a $25B coin flip," Venture investor Chamath Palihapitiya wrote on Twitter.

"Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll," Berkeley economist Gabriel Zucman tweeted.

Musk got into trouble with a tweet about taking Tesla private in 2018.

Newsletter

Related Articles

KazPost
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
An Ominous Shift in Warfare: Western Powers Risk War Crimes and Violate International Norms with Cluster Bomb Supply to Ukraine
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
Corruption in the European Parliament - Business as usual
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
Paris Suburb Grapples with Violence as Curfew Imposed: Saint-Denis Residents Express Dismay and Anger
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
×