Elon Musk launched a poll on Twitter on 6th November, asking his followers that either he should sell 10% of Tesla’s stock or not. The billionaire had promised to abide by the results of the Twitter poll, whichever way it goes. The reason for the poll was the policy being floated around, namely; Tax Unrealized Gains – The policy aims to target billionaires, who avoid paying taxes.
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?
— Lorde Edge (@elonmusk) November 6, 2021
10% of Tesla’s stock at stake
According to the Twitter pole – posted by Elon Musk to sell 10% of Tesla’s stock – 57.9 percent of more than 3.5 million participants had voted YES, and 42.1 percent voted NO. Elon Musk has been an avid critic of tax unrealized gains, he voiced his concerns in a tweet; “Note, I do not take a cash salary or bonus from anywhere,” Musk tweeted. “I only have stock, thus the only way for me to pay taxes personally is to sell stock.” To which, Senator Wyden – the Congressperson behind the tax unrealized gains proposal – responded; “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.”
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. https://t.co/KFHw3VZ45H
— Ron Wyden (@RonWyden) November 6, 2021
Elon Musk’s wealth
Bloomberg estimated Musk’s wealth at $338 billion, with over $208 billion of that figure being present in Tesla’s stocks. Tesla stocks went from about $130 at the start of 2020 to $1,222.09 till last Friday. The company is now valued at over $1 trillion as demand for electric cars continues to surge. The Verge pointed Elon Musk’s interview to a journalist in late September, which states; “I have a bunch of [stock] options that are expiring early next year, so that’s a huge block of options we’ll sell in Q4.”
Source: The Verge