March 21, 2023

The Queens County Citizen

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His Twitter followers decided: Musk should sell 10% of his shares in Tesla

His Twitter followers decided: Musk should sell 10% of his shares in Tesla

Elon Musk has asked his Twitter followers to sell 10% of his shares in Tesla. 3.5 million of them voted between Saturday and Sunday and 57.9% answered “yes”.

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The founder, who regularly uses the social network to make unexpected statements or surprising comments, said he was “ready to accept the outcome anyway”. However, he did not specify when or how he would like to sell his shares.

The whimsical owner of an electric vehicle manufacturer has focused on a recent suggestion from Democratic parliamentarians that he proposes to impose a heavier tax by targeting the stocks of the super-rich, which are usually taxed only when sold. This is the priority that is currently abandoned.

Elon Musk had already criticized the proposal in late October, writing in a tweet: “They will use everyone’s money and come and get your money.”

On Saturday, he explained the matter again: “There has been a lot of talk recently about unrealistic profits as a tool for tax evasion, so I propose to sell 10% of my Tesla shares”.

His tweet referred to a mini-poll that suggested Internet users should vote “yes” or “no”.

According to Bloomberg, Elon Musk owns 17% of Tesla’s best shares as of June 30, currently valued at $ 208.37 billion.

By selling 10% of its shares, it could theoretically recoup just under $ 21 billion.

The founder was also offered a large package of stock options and convertible shares as compensation.

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His fortune increased from nearly $ 130 in early 2020 to $ 1,222.09 on Friday night with the recent rise in the title.

With his stakes in his other companies, especially Rocket Builder SpaceX, Elon Musk is theoretically the richest man in the world, with Bloomberg estimated at $ 338 billion.

“Note that I am not being paid anywhere in cash or as a bonus,” he said on Twitter on Saturday. “I only have shares, so the only way for me personally to pay taxes is to sell the shares,” he added.