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The richest man in the world wrote on Twitter on Saturday that he would withdraw 10% of his stock if users agreed to the proposal. Gets-99
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| Elon Musk Offer To Sell 10% Of Tesla Stock |
Tesla Inc CEO Elon Musk should sell about 10% of his Tesla stock, according to 57.9% of people who voted on his Twitter account asking social media users if he should pull the trigger.
"I was determined to accept any results," Musk said, after the end of the vote.
The richest man in the world wrote on Twitter on Saturday that he would withdraw 10% of his stock if users agreed to the proposal. Musk has previously said he will have to use a large number of stock options over the next three months, which will create huge tax revenues. Selling some of his stock can free up tax revenue.
As of June 30, Musk's shares in Tesla have reached nearly 170.5 million shares and sales of 10% will reach $ 21 billion according to Friday's closing, according to Reuters figures.
The poll received more than 3.5 million votes.
"A lot has been done lately with unprofitable profits as a way to avoid taxes, so I suggest selling 10% of my Tesla stock," Musk said on Saturday, adding that he does not take cash or a bonus "anywhere", and only stock.
The US Senate Democrats have introduced a tax bill for billions of stores and other commodities to help finance President Joe Biden's agenda for public spending and to fill a gap that has allowed them to reduce profits permanently.
Musk criticized the proposal, saying, “Eventually, they run out of other people's money and come to you.
The chairman of the Senate Finance Committee, Ron Wyden, who applied for the tax, said on Saturday: "Whether the richest person in the world pays taxes or not should not depend on the results of a Twitter survey."
"It's time for the Billionaires Income Tax."
Including stock options, Musk owns 23% of Tesla, the world's most important car company with a market value of just over $ 1 trillion. He also owns other important companies including SpaceX.
His brother Kimbal Musk on Friday sold 88,500 shares of Tesla, becoming a member of the latest board to release a large number of Tesla shares that hit record highs.
Last week, Musk said on Twitter he would sell $ 6 billion in Tesla stock and donate it to the United Nations' World Food Program (WFP), as long as the organization discloses more information about how it spent its money.
Tesla bull Gary Black, portfolio manager at The Future Fund, said a possible Musk stock sale would lead to "1-2 days of low trading pressure," but said there would be a strong need for a discounted stock exchange.
TAXES ON STOCK SELECTION ACTIVITY
Musk said he did not want to borrow stock to pay taxes because the value of the stock could drop.
You have the option to purchase 22.86 million shares at $ 6.24 each, which expires on August 13 next year, according to Tesla’s inclusion. Exercise options could lead to nearly $ 28 billion in profits based on Tesla’s Friday closing price of $ 1,222.09.
In September, Musk said he was likely to pay more than half of all tax benefits on exercise. Last year, he said it was moved from California to Texas which should lead to a reduction in the total tax rate because Texas has no income tax, experts say.
