Twitter has decided if Elon Musk should sell over $20B in Tesla stake

National
Elon Musk

FILE – In this March 14, 2019, file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company’s design studio in Hawthorne, Calif. Tesla says it will relocate its headquarters from Palo Alto, Calif., to Austin, Texas, though the electric car maker will keep expanding its manufacturing capacity in the Golden State. Musk gave no timeline for the move late Thursday, Oct. 7, 2021, when he addressed the company’s shareholders at Tesla’s annual meeting. (AP Photo/Jae C. Hong, File)

TAMPA, Fla. (WFLA) — Tesla CEO Elon Musk took to Twitter Saturday asking whether he should sell 10% of his stock in the electric-vehicle company. Now, the results are in and the people have spoken.

Some Democrats have been pushing for billionaires, like Musk, to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares. It’s a concept called “unrealized gains,” and Musk is sitting on a lot of them with a net worth of roughly $300 billion.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk tweeted Saturday afternoon. “Do you support this?”

By Sunday morning, over 3.5 million votes were cast with 57.9% answering “yes.”

Much of Musk’s wealth is held in shares of Tesla, which does not pay him a cash salary. “I only have stock, thus the only way for me to pay taxes personally is to sell stock,” he tweeted.

Musk, who is known for his sometimes flippant tweets, said he would “abide by the results of this poll.”

Now it is unknown what or when the next step would take place.

Earlier in the week, Musk said he would sell $6 billion worth of Tesla stock and donate the proceeds to the United Nations’ food agency if it could show how the money would solve world hunger.

Musk’s statement came after U.N. World Food Programme Executive Director David Beasley challenged some of the world’s wealthiest, including Amazon founder Jeff Bezos and other billionaires, to step up on “a one-time basis” to help end starvation.

During the interview, Beasley said billionaires could give ”$6 billion to help 42 million people that are literally going to die if we don’t reach them.”

The SpaceX founder posted Sunday on Twitter: “If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.”

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

get the app

News App

Weather App

Don't Miss

More Don't Miss