• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Musk Asks Twitterati If He Should Sell Stock to Pay More Tax, See What They Said

November 24, 2021 by David Barret Leave a Comment

Tesla CEO Elon Musk, a famous Twitter junkie, felt it would be a great gesture to allow the platform’s users to determine whether or not he should pay more taxes, so he created a poll. Musk questioned the Twitterati if he should liquidate 10% of his Tesla shares, stating he was willing to honor the poll’s findings. Yes, according to Twitter. The software tycoon initiated the poll on Saturday in response to a new proposed law to tax unrealized gains – profits that exist only on paper and do not become reality until the asset is sold – which critics have claimed allows billionaires to avoid taxation.

For background, Musk emphasized that he solely receives equity compensation from his firms and does not get a cash income or incentives. As a result, “the only option for me to pay any taxes myself is to sell shares,” he explained. As per the Wall Street Journal, Musk controls more than 17% of Tesla shares, which is worth upwards of USD 200 billion. At present pricing, selling 10% of it would be worth nearly USD 21 billion. “Because much has been made recently of unrealized profits as a tool of tax evasion, I suggest selling 10% of my Tesla shares,” Musk stated in the tweet that accompanied his poll, adding, “I will comply by the results of this vote, whatever way it goes.”

In Musk’s survey, 3.5 million individuals voted, with 57.9% saying he should trade and 42.1% saying he shouldn’t. Nevertheless, the Twitterati hasn’t heard anything more from Elon regarding the matter since the vote was tallied. Musk claimed he was willing to accept any conclusion in response to a tweet asking if the poll proceeded exactly how he intended it to. Last month, Musk criticized Senate Finance Committee Chairman Ron Wyden, a Democrat from Oregon, for proposing to tax unrealized gains on publicly listed investments, claiming that the proposition would eventually reach less rich tax-paying citizens.

For whatever that’s worth, Wyden’s plan was scrapped almost immediately after it was submitted, but it ignited an important discussion, which Musk chose to enter. Though Musk marketed this as a method for the people to determine what he does with his wealth, CNBC notes that the Tesla executive was likely to sell stock even if Twitter hadn’t pulled a ‘Palpatine’ and told him to. This is due to Musk’s billion-dollar tax payment on the 22.8 million shares he received as stock options in 2012. To execute these options, Musk must pay income taxes on the amount he has earned on the stocks at their present price, which amounts to almost USD 28 billion. The Tesla CEO seldom sells shares he already owns, although he has done so in the past to pay taxes on stock options. Musk’s survey and its findings sparked a lot of discussion on Twitter. To put it all into context, a study published this summer revealed that Musk owed no income tax in 2018. So, yes, any income tax he pays is a modest step forward.

David Barret
David Barret

Related posts:

  1. McDonald’s CEO Steps Down After Violating Company Policy
  2. Uber in talks to sell UberEats’ business in India to Zomato
  3. Walmart To Launch Delivery Service Go Local, Shipping Expected To Begin By End Of This Year
  4. Food Delivery Apps Join Hands To Sue New York City Over Cap On Delivery Fees

Filed Under: Business

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • “Breaking Records By Extraordinary Margins”: 22 Of Earth’s 34 Vital Signs At Record Levels
  • “The Most Important Unsolved Problem In Pure Math”: Where Is Humanity At With Prime Numbers?
  • The “Great Halloween Solar Storms”: 22 Years Ago, One Of The Most Powerful CMEs Ever Hit Earth
  • IFLScience Investigates The Loch Ness Monster: A Documentary On The Science, The Story, And The Power Of Belief
  • Remarkably Preserved 23-Million-Year-Old “Frosty” Rhino Discovered In Canadian Arctic
  • Want To “Time Travel” Back To Your Childhood? Baby Filter Image Illusion Could Unlock Lost Memories
  • The Sun Is Giving Us A Spooky Grimace Just In Time For Halloween
  • Comet 3I/ATLAS Reaches Perihelion Today – “Alien Spaceship” Hypothesis To Be Tested Once And For All
  • Search For Shackleton’s “Lost” Ship Uncovered 1,000 Dimples On The Antarctic Seafloor – What Are They?
  • Your Banana Smoothie Might Be Kind Of Self-Defeating, Health-Wise
  • What Are Those Zigzags You See In Spiders’ Webs? Study Finds They Could Be A Kind Of Alarm System
  • The Deepest Fish Ever Filmed Was Found 8,336 Meters Below The Surface In A Vast Ocean Trench
  • Supersonic Flight Without The Boom: NASA’s X-59 Experimental Aircraft Takes Flight For First Time
  • The Oldest Ice Ever Recovered Contains Antarctic Air Bubbles From 6 Million Years Ago
  • Freaky “Frankenstein” Worms Can Get Reproduction Wrong And End Up With Two Heads
  • Hedgehog, Lasagna, and Brussels Sprouts: Meet 2025’s Newly Named North Atlantic Right Whales
  • Can You Be Allergic To Other People? Yes, And It Sounds Like The Worst Thing Ever
  • Animals With “Urban Superpowers” Lurk In London’s Underground, And Some Of Them Want To Drink Your Blood
  • This Is The Largest Radio Color Image Of The Milky Way Ever Assembled – And It’s Gorgeous
  • Why We Can’t Stop Watching True Crime: The Psychological Pull And The Ethical Push
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version