Economy

Twitter users say Elon Musk should sell billions in Tesla stock

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Elon Musk asked his Twitter followers on Saturday whether he should sell 10 percent of his stock in his company. Their answer was yes. 

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk wrote in a tweet, along with a poll. 

“I will abide by the results of this poll, whichever way it goes,” Musk said. 

When the poll closed, 58 percent of some 3.5 million voters favored the sale. 

“Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk said in the Twitter thread. 

Musk’s remarks come as Democratic lawmakers consider how to fund their massive social spending plans, including a “billionaires tax” that would impact a number of tech executives like Musk. 

Democrats are eyeing “unrealized gains” on the stocks these individuals hold, which under current laws aren’t taxed until they are sold. 

Musk is currently worth roughly $300 billion, much of which is made up of unrealized gains in Tesla’s stock price, which dropped below $40 in mid-2019 and is currently above $1,200. 

Tags billionaire tax Elon Musk Elon Musk Tesla Tesla stock unrealized gains

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