Musk Tweets on Whether he Should Sell 10% Tesla Stock

Tesla CEO Elon Musk asked his 62.5 million Twitter followers on Saturday whether he should sell 10 per cent of his company’s shares.

The world’s richest person could face a “massive” tax burden this year and is forced to exercise a large number of stock options that mature next year.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he said, attributing this to a “billionaires’ tax” proposed by Democrats.

Musk criticized the proposal, which would affect 700 billionaires and impose taxes on long-term capital gains on tradable assets, regardless of whether they have been sold.

Musk said he would abide by the survey’s findings no matter what.

The survey received 2 million responses within seven hours after the post went public, with 55% of respondents approving of the sale of shares, which ended at 3 p.m. ET on Sunday.

Musk’s shares in Tesla stood at 170.5 million shares as of June 30 and a sale of 10% of his stock would be worth $21 billion after market close on Friday.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web