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Twitter poll: Musk said to sell Tesla shares
Multi-billionaire Elon Musk has been obliged by Twitter users to sell a tenth of his Tesla shares and pay tax on the profits. Musk had asked if he should sell ten percent of his shares in the electric car maker. After the 24-hour deadline on Sunday, 57.9 percent of the 3.5 million participants had voted “Yes”. “I was ready to accept both results,” wrote Musk afterwards on Twitter. The richest person in the world owns 23 percent of the Tesla. According to calculations by the Reuters news agency, a sale of one-tenth it would make about $ 21 billion. Musk had brought the Twitter vote in connection with the discussion in the US about the taxation of billionaires. “There has been a lot of talk lately about unrealized gains as a means of tax avoidance,” he wrote on Saturday. Since he does not receive any cash wages or bonuses, selling shares is the only way for him to become taxable. Price gains on shares are taxed in the USA when the securities are sold and a profit is realized. This is considered to be one reason why US corporations like to buy back their own shares – and thus support the price – instead of paying out the money as dividends. Critics complain that rich citizens can use it to build up a fortune without having to pay taxes. In the course of planned tax reforms by President Joe Biden, discussions are now underway to change the taxation of the largest wealth.
The multi-billionaire asked if he should sell ten percent of his shares in the electric car maker.