November 30, 2021 6:49 pm
Elon Musk asks Twitter if he should sell some Tesla stock

Elon Musk asks Twitter if he should sell some Tesla stock

NEW YORK (AP) — Tesla CEO Elon Musk is asking on Twitter whether he should sell 10% of his stock in the electric-vehicle company amid pressure in Washington to increase taxes on billionaires like him.

Some Democrats are pushing for billionaires who own stocks to be taxed when they go up in price, even though they haven’t sold any shares. This concept is called “unrealized gain” and Musk has a lot of it with a net worth of approximately $300 million.

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

?

By 5: 40 p.m. Eastern time, a little more than two hours after Musk‘s initial tweet, 54% said yes out of a total of 876,189 votes.

Much Musk ‘s assets are held in shares of Tesla ,, which doesn’t pay him cash salaries. he tweeted, “I only own stock, so the only way I can pay taxes personally is by selling stock.”

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

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