Monday, November 29, 2021

Musk asked Twitter if he should sell 10% of his Tesla stock?

Tesla Chief Executive Elon Musk asked his 62.5 million followers on Twitter on Saturday whether he should sell 10% of his Tesla stock.

Musk wrote in a tweet, referring to the “billionaires tax” proposed by Democrats in the US Senate, writing “a lot of unrealistic gains have been made lately as a means of tax avoidance, so I’m going to sell 10% of my Tesla stock.” % I propose to sell.”

Musk tweeted that he would follow up on the election results.

The poll garnered more than 700,000 responses within an hour of posting, with nearly 56% of respondents approving the offer to sell the shares.

Musk’s stake in Tesla comes to around 170.5 million shares as of June 30, and according to Reuters calculations, the sale of 10% of his stock would amount to about $21 billion as of Friday’s closing.

Analysts say they may have to offload a large number of shares anyway to pay taxes as a large number of options will expire next year.

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Musk’s remarks come after a proposal in the US Congress to tax billionaires’ wealth to help pay for President Joe Biden’s social and climate change agenda.

Musk is one of the richest people in the world and owns several futuristic companies including SpaceX and Neuralink. He has previously criticized the billionaire tax on Twitter.

“Note, I don’t take any cash salary or bonuses from anywhere. I only own stock, so the only way for me to personally pay taxes is to sell the stock,” Musk said on Twitter.

Tesla board members, including Elon Musk’s mother Kimble, recently sold shares of the electric car maker. Kimbal Musk sold 88,500 Tesla shares, while fellow board member Ira Ehrenpris sold more than $200 million worth of shares.

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This article is republished from – Voa News – Read the – original article.

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