“I propose to sell 10 percent of my Tesla stock”: Elon Musk takes part in a Twitter survey about his holdings

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Elon Musk’s Twitter adventures can work wonders – they can spark debate and send cryptocurrency values ​​from dizzying highs to lows. But this time the business tycoon decided to use Twitter to decide the fate of his Tesla inventory. Musk, the CEO of Tesla and SpaceX, conducted a poll on Twitter and asked his 62.8 million followers whether or not to sell 10 percent of his Tesla shares. The poll started on Saturday and ended late on Sunday evening. She received over 35 lakh votes, of which 57.9 percent voted to sell the shares.

Musk, however, seemed to have already made up his mind. According to a CNBC report, he himself decided in September to sell “a huge block” of his shares in the fourth quarter.

“I have a number of options that expire early next year, so … a huge block of options will be sold in the fourth quarter – because I have to or they will expire,” he reportedly said at a conference.

The CNBC report said that Musk had said during a conference in September that his marginal tax rate would be over 50 percent if his stock options with Tesla expired and that he planned to sell them soon. “I have a number of options that expire early next year, so … a huge block of options will be sold in the fourth quarter – because I have to or they will expire,” the CNBC report quoted Musk at the conference.

However, on November 7th, Musk told his followers in this Twitter post that he proposed “sell 10% of my Tesla stock,” and asked them if they would support his move.

Here is the post:

There’s been a lot of talk lately that unrealized gains are a means of tax avoidance, so I suggest selling 10% of my Tesla stock.

Do you support that?

– Lorde Edge (@elonmusk) November 6, 2021

On the same Twitter thread, he said he would stick to the survey results.

I will stick to the results of this survey no matter which direction it goes

– Lorde Edge (@elonmusk) November 6, 2021

In another tweet, Musk justified the poll by saying that the “only way” for him to pay his taxes in person is to sell his shares.

Note that I am not taking any cash salary or bonus anywhere. I only have stocks, so the only way I can pay taxes in person is by selling stocks.

– Lorde Edge (@elonmusk) November 6, 2021

American businessman and YouTuber James Stephen Donaldson, aka MrBeast, commented in disbelief on how a Twitter poll would determine the fate of Tesla shares worth billions of dollars.

This twitter poll will determine the fate of more than $ 20,000,000,000 in Tesla stock lol

– MrBeast (@MrBeast) November 6, 2021

Another user, Cory Wijnhamer, commented that this survey would “fuel up” Tesla stock and “pull money out of the pockets of the people who believed in you and your company the most”.

You know that because of that, Tesla stock will now give way on Monday, ending last month’s fantastic run for the stock. Posts like this take money out of the pockets of the people who believed in you and your company the most. ????

– Cory Wijnhamer (@corywijnhamer) November 6, 2021

For now, all we can do is wait and see what Elon Musk does with the Tesla stock he has proposed for sale.

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