Elon Musk asked Twitter if he would sell Tesla shares

NEW YORK (AP) – Tesla CEO Elon Musk is asking on Twitter if he will sell 10% of his stake in the electric vehicle company amid pressure from billionaires like him to raise taxes.

Some Democrats force billionaires to pay taxes when the price of their stock rises, even if they don’t sell any shares. It’s a concept called “unrealized gains,” and Musk sits above many with a net worth of nearly $300 billion.

“A lot has been done lately from unrealized gains as a way to avoid taxes, so I propose selling 10% of my Tesla stock,” he tweeted on Saturday afternoon. “Do you support this?”

By 5:40 p.m. ET, a little over two hours after Musk’s first tweet, 54% of the 876,189 total votes said yes.

Most of Musk’s wealth is held in Tesla’s stock, which doesn’t pay him a cash salary. “I only have stock, so the only way I personally pay taxes is to sell stocks,” he tweeted.

Known for his sometimes brash tweets, Musk said he would “fit with the results of this poll.”

Sign up for Daily Newsletters

Copyright © 2021 The Washington Times, LLC.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *