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Elon Musk starts a Twitter poll to ask about his Tesla shares. What he is saying

Tesla Inc Chief Executive Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% 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 in a tweet referring to a “billionaires’ tax” proposed by Democrats in the U.S. Senate.

“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.

 

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?— Elon Musk (@elonmusk) November 6, 2021

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

The poll received over 16 lakh responses in five hours since he posted it, with 54% of respondents approving the proposal to sell the shares. 

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

The comments from Musk comes after the proposal in the U.S. congress to tax billionaires’ assets to help pay for President Joe Biden’s social and climate-change agenda.

Musk is currently the world’s richest person and owner of several futuristic companies, including SpaceX and Neuralink. He has previously criticized the billionaires’ tax on Twitter.

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 in response to Musk’s tweet.

“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.

Tesla shares recently hit record high after it received its biggest-ever order of 100,000 electric rental cars from Hertz.

 

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