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Elon Musk asks Twitter if he should sell 10 percent of his Tesla stock

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By Tekato Longkumer Updated: Nov 07, 2021 9:35 pm
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Dimapur, Nov. 7 (EMN): SpaceX CEO Elon Musk is known to be an active Twitter user and on Saturday he tweeted out a poll asking his 62.5 followers if he should sell 10 percent of his Tesla stock worth $24 billion.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” wrote Musk on his Twitter page.

In a follow-up tweet Musk assured his followers that he will abide by the results of the poll. Musk wrote, “I will abide by the results of this poll, whichever way it goes.”

At the time of writing this report, the tweet has already got more than 3.2 million votes with 57.3% of the voters choosing “yes” on the poll.

According to reports, Musk’s tweet is in response to the “billionaires’ tax” that was recently unveiled by Senate Finance Committee Chairman Ron Wyden of Oregon on Wednesday.

According to the proponents of the “billionaires’ tax,” the proposal would only impact taxpayers with more than $1 billion in assets, or those with incomes of more than $100 million for three consecutive years. It has been argued that the tax would only apply to roughly 700 of the wealthiest people in the U.S including Musk.

Nonetheless, Musk’s tweet has raised a lot of eyebrows in the financial space.

“We are witnessing the Twitter masses deciding the outcome of a $25B coin flip,” Venture investor Chamath Palihapitiya wrote on Twitter.

“Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll,” Berkeley economist Gabriel Zucman tweeted.

If Musk complies with his followers’ replies and sells off his stock, Tesla’s stock performance could see a nose dive in Q4.

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By Tekato Longkumer Updated: Nov 07, 2021 9:35:32 pm