Manitoba Daily

Monday, December 6, 2021

Elon Musk’s plan to sell of his Tesla shares is approved by the Twitterati

Key sentence:

  • Tesla CEO Elon Musk previously stated that he would be required to exercise a substantial number of stock options during the next three months.
  • Elon Musk tweeted on Saturday, asking his followers to sell 10% of his stake in the electric car company. 

Elon Musk, CEO of Tesla, should sell around 10% of his Tesla shareholding, according to 57.9% of those who voted in a Twitter poll asking whether he should sell the stock.

In response to the outcome, Musk stated that he was willing to accept either decision. “I was ready to accept either result,” Musk stated. Elon Musk’s poll received more than 3.5 million votes.

Elon Musk tweeted on Saturday, asking his followers to sell 10% of his stake in the electric car company. However, he also said that he would accept the outcome of the poll. 

“Because much has been made recently of unrealized gains as a technique of tax avoidance, I suggest selling 10% of my Tesla stock,” Musk said on Saturday. He further stated that he receives no cash income or bonus and solely has stock.

Also read: Using a hand gesture learnt on TikTok, a teen girl manages to elude kidnapping

Tesla CEO Elon Musk previously stated that he would have to execute a large number of stock options during the next three months, resulting in a huge tax burden. However, selling some of his stock may allow him to pay his taxes.

According to Reuters, Elon Musk’s investment in Tesla was approximately 170.5 million shares as of June 30 this year, and selling 10% of that would equal close to $21 billion based on Friday’s closing price.

Incidentally, this comes just a week after Musk announced on Twitter that he would sell $6 billion in Tesla stock and distribute the returns to the United Nations World Food Program (WFP). 

He also stated that to do so, the UN World Food Programme must publish more information on how its funds were utilized. In addition, Musk has been accused of not paying taxes despite his wealth.

Source: Ht Auto

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