Nov 7, 2021

Elon Musk holds Twitter vote over $21bn Tesla share sale

Tesla billionaire Elon Musk has launched a Twitter poll of his 62.6 million followers asking if he should sell 10% of his shares. The Tesla chief executive owns more than $200bn worth of shares and is due to exercise options next year that will boost his worth even further, but leave Mr Musk with what he said would be a "Massive" tax bill. Under plans proposed by the Democratic Party in the Senate, billionaires could be taxed on "Unrealised gains" when the price of their shares goes up - even if they do not sell any of their stock. In another tweet on Saturday, Mr Musk said: "Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock."Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he tweeted. Mr Musk has an option, which expires in August next year, to buy 22.86 million Tesla shares at $6.24 each - a fraction of Tesla's closing share price on Friday of $1,222.

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