November 8, 2021

Will Elon Musk Sell 10% Of Tesla Shares?

 The majority of Twitter users voted “Yes” in a poll organized by Tesla Inc. CEO Elon Musk in his personal Twitter account on a proposal if he should sell as much as 10% of the company’s shares.

The world’s richest millionaire in his personal Twitter tweet last Saturday had put up a vote on a proposed sale of his company’s 10% stake as he wanted to create a huge tax bill to free up funds for tax payments.

According to Musk in a response after the voting session ended, he expressed his readiness to accept any decision.

The proposed vote garnered more than 3.5 million votes and 57.9% of Twitter users voted “Yes”.

A Reuters report said as of June 30, Musk’s stake in Tesla reached about 170.5 million shares and sales of 10% would total nearly $ 21 billion based on Friday’s close.

Earlier, the U.S. Senate Democrats introduced a proposal to tax the shares of millionaires and other negotiable assets to help fund President Joe Biden’s social spending agenda and fill in loopholes that allow them to defer profits taxes.

However, the proposal has been criticized by Musk who said the money will run out and they will find other ways to get the money.

Senate Finance Committee Chairman Ron Wyden responded Saturday with cynicism stating whether the world’s rich pay any taxes at all they shouldn’t rely on polls on Twitter and it’s time for income taxes for millionaires to be carried out.

Musk holds a 23% stake in Tesla which is the most valuable car company in the world whose market value now exceeds $ 1 trillion.

Last week, Musk said on Twitter that he would sell $ 6 billion of Tesla shares of his and donate them to the United Nations World Food Program (WFP) provided the organization discloses more details about how the money is spent.