Tesla CEO Elon Musk carried out a Twitter poll on November seven to see if he should really have offered ten% of his Tesla stock.
Billionaire Elon Musk spoke on Twitter about his willingness to promote ten% of his Tesla shares in response to the new tax proposal announced by the US government.
Notably, as an alternative of acting unilaterally, Musk sought guidance from his 62.five million Twitter followers.
Tesla boss wrote:
I will respect the effects of this survey as it goes
– Lorde Edge (@elonmusk) November 6, 2021
“There has been a good deal of controversy a short while ago about unrecognized earnings as a way to steer clear of taxes, so I’m proposing to promote ten% of my Tesla stock.
Do you assistance this? “
Elon Musk insists he will comply with the local community viewpoint, irrespective of the end result.
As of press time, the voting is in excess of, with 57.9% of the three.five million respondents saying Elon Musk “should sell Tesla stock”.
The purpose why Tesla’s CEO out of the blue proposed to promote ten% of Tesla stock stems from a latest proposal from the US Treasury Department, which announced that it would tax “unrealized gains” from investing routines. This implies that as prolonged as the investor only has to make a paper revenue from owning the shares / shares, the investor will be obligated to pay out taxes even if he has not offered them to near his investment.
Mr. Musk insists that he has no supply of revenue or compensation other than Tesla stock, so the only way for him to pay out taxes is to promote shares.
Note, I never consider a funds salary or bonus anyplace. I only have shares, so the only way to pay out taxes personally is to promote shares.
– Lorde Edge (@elonmusk) November 6, 2021
According to a document filed with the SEC on June thirty, Tesla’s CEO owns 170.five million TSLA shares. With the closing price tag of the November five trading session at $ one,222.09 per share, the worth of Musk’s ten% stake in Tesla would quantity to around $ 21 billion. Financial analysts feel that the billionaire’s shares will not have a huge affect on TSLA’s price tag, simply because in 2021 Musk has repeatedly hinted that he will promote shares at the finish of the yr, this kind of as the quantity offered in contrast to the volume of one billion shares traded. on the marketplace is not large.
However, quite a few have criticized that this was just an excuse for Tesla’s CEO to “take profits” when the TSLA stock price tag just hit a record large final week.
In addition, Musk also has a phone solution contract to phone 22.eight million Tesla shares at $ six.24 per share, established in 2012, expiring in August 2022. Therefore, it can be noticed that the CEO will be in a position to to freeze TSLA shares at really large costs, and to obtain back additional and promote them for twenty occasions significantly less.
According to Forbes statistics in early November, Elon Musk is the richest billionaire in the globe with a fortune of $ 318 billion, far ahead of the 2nd man or woman, Jeff Bezos, with only $ 203 billion.
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