London Daily

Focus on the big picture.
Saturday, Feb 22, 2025

Elon Musk Leaves Fate Of His $21 Billion Tesla Stock On Twitter Poll

Elon Musk Leaves Fate Of His $21 Billion Tesla Stock On Twitter Poll

"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Elon Musk wrote in a tweet referring to a "billionaires' tax" proposed by Democrats in the US Senate.

Tesla Inc Chief Executive Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10 per cent of his Tesla stock.

The world's richest person had previously said he could face a "massive" tax bill this year as he has to exercise a large number of stock options coming due next year.

"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," Musk said on Twitter on Saturday.

"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he said, referring to a "billionaires' tax" proposed by Democrats.

Musk has criticized the proposal, which would affect 700 billionaires and impose taxes for long-term capital gains on tradable assets, whether or not they have been sold.

Musk said that he will abide by the results of the poll, whichever way it goes.


The poll received near 2 million responses in seven hours after he posted it, with 55 per cent of respondents approving the proposal to sell the shares.

The poll is scheduled to end around 3 pm ET (2000 GMT) on Sunday.

Musk's shareholding in Tesla comes to about 170.5 million shares as of June 30 and selling 10 per cent of his stock would amount close to $21 billion based on Friday's closing, according to Reuters calculations.

'STOCKS GO DOWN'


Musk has an option to buy 22.86 million shares at $6.24 each, which expires on August 13 next year, according to a Tesla filing.

Tesla's closing price was $1,222.09 on Friday.

In September, Musk said he is likely to pay taxes of over half the gains he would make from exercising options.

He also dismissed the possibility that he would take loans with his Tesla shares as collateral.

"Stocks don't always go up. They go down," he said at the code conference.

Some Tesla board members, including his brother Kimbal Musk, offloaded large numbers of shares after Tesla stock hit a record high late October.

Musk recently said on Twitter he'd sell $6 billion in Tesla stock and donate it to the World Food Program (WFP), provided the organization disclosed more information about how it spent its money.

His tweet raised some eyebrows in the world of finance.

"We are witnessing the Twitter masses deciding the outcome of a $25B coin flip," Venture investor Chamath Palihapitiya wrote on Twitter.

"Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll," Berkeley economist Gabriel Zucman tweeted.

Musk got into trouble with a tweet about taking Tesla private in 2018.

Comments

James Pierson 3 year ago
I believe that Elon Musk's marginal rate is 53%. The sale of $21 Bn in Tesla stock will drive stock pricing downwards and disadvantage millions holding TSLA in their retirement portfolios along with raising approximately $11Bn in tax revenue for the US government which will fund US DEBT CREATION for a little over 2 days at the obscene borrowing level of $120 Bn monthly that is now considered a normal state of affairs. How broken does the system get before we wake up?

Newsletter

Related Articles

0:00
0:00
Close
UK Prison Officer Sentenced for Inappropriate Conduct with Inmate
Good News: Senate Confirms Kash Patel as FBI Director
Officials from the U.S. and Hungary Engage in Talks on Economic Collaboration and Sanctions Strategy
James Bond Franchise Transitions to Amazon MGM Studios
Technology Giants Ramp Up Lobbying Initiatives Against Strict EU Regulations
Alibaba Exceeds Quarterly Projections Fueled by Growth in Cloud and AI
Tequila Sector Faces Surplus Crisis as Agave Prices Dive Sharply
Residents of Flintshire Mobile Home Park Grapple with Maintenance Issues and Uncertain Future
Ronan Keating Criticizes Irish Justice System Following Fatal Crash Involving His Brother
Gordon Ramsay's Lucky Cat Restaurant Faces Unprecedented Theft
Israeli Family Mourns Loss of Peace Advocate Oded Lifschitz as Body Returned from Gaza
Former UK Defense Chief Calls for Enhanced European Support for Ukraine
Pope Francis Admitted to Hospital in Rome Amid Rising Succession Speculation
Senate Republican Leader Mitch McConnell, at the age of 83, Declares His Retirement.
Whistleblower Reveals Whitehall’s Focus on Kabul Animal Airlift Amid Crisis
Politicians Who Deliberately Lie Could Face Removal from Office in Wales
Scottish Labour Faces Challenges Ahead of 2026 Holyrood Elections
Leftwing Activists Less Likely to Work with Political Rivals, Study Finds
Boris Johnson to Host 'An Evening with Boris Johnson' at Edinburgh's Usher Hall
Planned Change in British Citizenship Rules Faces First Legal Challenge
Northumberland Postal Worker Sentenced for Sexual Assaults During Deliveries
British Journalist Missing in Brazil for 11 Days
Tesco Fixes Website Glitch That Disrupted Online Grocery Orders
Amnesty International Critiques UK's Predictive Policing Practices
Burglar Jailed After Falling into Home-Made Trap in Blyth
Sellafield Nuclear Site Exits Special Measures for Physical Security Amid Ongoing Cybersecurity Concerns
Avian Influenza Impact on Seals in Norfolk: Four Deaths Confirmed
First Arrest Under Scotland's Abortion Clinic Buffer Zone Law Amidst International Controversy
Meghan Markle Rebrands Lifestyle Venture as 'As Ever' Ahead of Netflix Series Launch
Inter-Island Ferry Services Between Guernsey and Jersey Set to Expand
Significant Proportion of Cancer Patients in England and Wales Not Receiving Recommended Treatments
Final Consultation Launched for Vyrnwy Frankton Power Line Project
Drug Misuse Deaths in Scotland Rise by 12% in 2023
Failed £100 Million Cocaine Smuggling Operation in the Scottish Highlands
Central Cee Equals MOBO Awards Record; Bashy and Ayra Starr Among Top Honorees
EastEnders: Four Decades of Challenging Social Norms
Jonathan Bailey Channels 'Succession' in Bold Richard II Performance
Northern Ireland's First Astronaut Engages in Rigorous Spacewalk Training
Former Postman Sentenced for Series of Sexual Offences in Northumberland
Record Surge in Anti-Muslim Hate Crimes Across the UK in 2024
Omagh Bombing Inquiry Concludes Commemorative Hearings with Survivor Testimonies
UK Government Introduces 'Ronan's Law' to Combat Online Knife Sales to Minors
Metal Detectorists Unearth 15th-Century Coin Hoard in Scottish Borders
Woman Charged in 1978 Death of Five-Year-Old Girl in South London
Expanding Sinkhole in Godstone, Surrey, Forces Evacuations and Road Closures
Bangor University Announces Plans to Cut 200 Jobs Amid £15 Million Savings Target
British Journalist Charlotte Peet Reported Missing in Brazil
UK Inflation Rises to 3% in January Amid Higher Food Prices and School Fees
Starmer Defends Zelensky Amidst Trump's 'Dictator' Allegation
Zelensky Calls on World Leaders to Back Peace Efforts in Light of Strains with Trump
×