Elon Musk asked Twitter if he should sell some of his Tesla stock. Here’s what the Twitterverse said

Elon Musk tweeted Saturday that he would let Twitter customers determine if he ought to promote 10% of the 170.5 million shares he holds in Tesla (TSLA), and 58% of the greater than 3.5 million voters stated “sure.”

Musk, the corporate’s founder and CEO posted the ballot Saturday afternoon which stated, “A lot is made these days of unrealized good points being a way of tax avoidance, so I suggest promoting 10% of my Tesla inventory. Do you help this?”

He added he’ll follow the poll’s result whichever approach it goes, however has not but introduced what, if something, he’ll do subsequent.

Musk receives no wage from Tesla. His 170.5 million shares of Telsa had been value $208.3 billion as of the shut of buying and selling on Friday. On the worth of $1,222.09 per share, 10 p.c of them can be valued at $20.8 billion. With a long-term capital good points tax price of 20% for somebody in Musk’s revenue bracket, a tax invoice from the sale would strategy $4.2 billion.

He has owned 80% of these 170.5 million Tesla shares because the firm’s preliminary public providing in 2010. Along with the shares he owns presently, he has the choice to purchase one other 73.5 million shares. It isn’t clear if these shares can be counted in his holdings if the Twitterverse convinces him to promote 10% of his stake within the firm.

A ProPublica investigation in June discovered Musk paid no federal income taxes in 2018 — and in 2017 he paid solely $65,000.
“Observe, I don’t take a money wage or bonus from anyplace. I solely have inventory, thus the one approach for me to pay taxes personally is to promote inventory,” Musk tweeted on Saturday.
I'm not picking on Elon Musk. Just please help, says UN food official

Earlier within the week, Musk provided to promote Tesla inventory ‘proper now’ if the United Nations may show $6 billion would remedy world starvation.

His feedback Monday got here after UN World Meals Programme (WFP) director David Beasley challenged the ultra-wealthy, and specifically the world’s two richest males — Amazon founder Jeff Bezos and Musk — to “step up now, on a one-time foundation” to assist remedy world starvation in an interview with CNN last week.

“Six billion {dollars} to assist 42 million folks which can be actually going to die if we do not attain them. It isn’t difficult,” Beasley stated on CNN’s Join the World program with Becky Anderson. The sum would equate to roughly 2% of Musk’s web wealth.

Prince William has additionally criticized billionaires who’re targeted on area tourism, which may embody Musk, who additionally based SpaceX. The corporate despatched the first all-tourist crew to space in September, although a lot of the firm’s income comes from industrial launches and NASA contracts.
As of Sunday, Musk is the richest man on Earth with a complete web value of $338 billion, in response to the Bloomberg Billionaires Index.

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