Juan Pablo Elverdin
New York, NY (CNN) – The Twitterverse has spoken. Will Elon Musk obey?
Elon Musk tweeted this Saturday that he would let Twitter users decide whether he should sell 10% of the 170.5 million shares he owns in Tesla, and 58% of the more than 3.5 million voters said “yes.” .
Elon Musk, founder and CEO of the company, released the survey on Saturday afternoon, in which he said: “There is a lot of talk lately that unrealized profits are a way to evade taxes, so I propose to sell the 10% of my Tesla shares. Do you support this? “
He added that he will meet the survey result whatever it is, but has not yet announced what, if anything, he will do next.
The verdict of the Twitterverse: 58% of the more than 3.5 million voters had said “yes” when the poll closed this Sunday.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this? — Lorde Edge (@elonmusk) November 6, 2021
Musk does not receive any salary from Tesla. His 170.5 million Telsa shares were worth $ 208.3 billion as of Friday’s close. At a price of US $ 1,222.09 per share, 10% of them would be valued at US $ 20.8 billion.
Elon Musk is so rich that he exceeds the GDP of more than 150 countries and territories. Is yours on the list?
With a 20% long-term capital gains tax for someone at Musk’s income bracket, the tax bill for the sale would approach $ 4.2 billion.
Musk owns 80% of those 170.5 million Tesla shares since the company’s initial public offering in 2010. In addition to the shares he currently owns, he has the option to buy another 73.5 million shares.
It is unclear whether those shares would be accounted for in his holdings if the Twitterverse convinces him to sell 10% of his stake in the company.
Tesla shares plummet
More than $ 60 billion disappeared from Tesla’s market value early Monday after millions of Elon Musk Twitter followers voted in favor of him selling 10% of their shares in the company.
Tesla shares fell about 6% in pre-market trading and early trading on the Frankfurt Stock Exchange.
Elon Musk’s mysterious tweet in Chinese 0:47
Musk has previously faced regulators for posting tweets that have moved Tesla’s stock price, without first consulting the board of directors or thoroughly examining the material information he was providing to shareholders.
In 2018, the SEC charged him with fraud, after tweeting that he was considering taking Tesla public.
To settle the charges, Musk accepted a court-approved settlement that required Tesla’s directors to review any social media posts that contained “material” information for shareholders.
Months later, after he was brought to the attention for defying the order, the agreement was amended to include a specific list of topics Musk needs permission to tweet about. The list includes tweets about the financial situation of the company, production figures or new lines of business.
As of Sunday, Musk was the richest man on earth, with a total net worth of $ 338 billion, according to the Bloomberg Billionaires Index.
Walé Azeez, Chris Isidore, and Clare Duffy contributed to this article.
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Elon Musk asked on Twitter if he should sell part of his Tesla stock. Here’s what the Twitterverse said – KVIA