Elon Musk lets Twitter decide whether to sell part of his Tesla shares

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Musk, the founder and CEO of the company, posted a Twitter poll on Saturday afternoon that said, “Lately there’s been a lot of talk about unrealized gains as a means of tax evasion, so I suggest selling 10%. of my Tesla shares. Are you in favor of this?

He added that he follow the results of the survey whatever the way he goes. Three hours after the poll was published, more than a million people had voted, with 54.1% voting yes and 45.9% voting no.

Musk does not receive any salary from Tesla. Its 170.5 million shares of Telsa were worth $ 208.3 billion as of market close on Friday. Priced at $ 1,2209.09 per share, 10% of them would be valued at $ 20.8 billion. With a long-term capital gains tax rate of 20% for someone in Musk’s income bracket, that would amount to a sales tax bill approaching $ 4.2 billion.

He owns 80% of those 170.5 million Tesla shares since the company’s initial public offering in 2010.

A ProPublica investigation in June found that Musk paid no federal income taxes in 2018 – and in 2017 he paid just $ 65,000.
“Note that I don’t take any cash or bonus wages from anywhere. I only have stocks, so the only way for me to pay taxes personally is to sell stocks,” Musk tweeted Saturday.

Earlier in the week, Musk offered to sell Tesla’s shares “right now” if the United Nations could prove that $ 6 billion would solve world hunger.

His comments on Monday came after the director of the United Nations World Food Program (WFP), David Beasley, challenged the ultra-rich, and in particular the two richest men in the world – Amazon founder Jeff Bezos and Musk – to “step up now, on a one-time basis” to help solve world hunger in an interview with CNN last week.

“Six billion dollars to help 42 million people who will literally die if we don’t reach them. It’s not complicated,” Beasley said on CNN’s Connect the World with Becky Anderson. The sum would equate to roughly 2% of Musk’s net wealth.

Prince William also criticized billionaires who focus on space tourism, which could include Musk, who also founded SpaceX. The company sent the first all-tourist crew to space in September, although most of the company’s revenue comes from commercial launches and contracts with NASA.
On Saturday, Musk is the richest man in the world with a total net worth of $ 338 billion, according to the Bloomberg Billionaires Index.



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