Elon Musk is using a Twitter poll to decide the future of his Tesla stock
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Elon Musk is the founder of SpaceX and Tesla CEO. He wears a helmet when he visited Gruenheide near Berlin to inspect Tesla’s gigafactory. May 17, 2021.
Michele Tantussi | Reuters
Elon MuskOn Saturday, he asked for millions TwitterFollowers to decide the fate of a portion of his future TeslaHoldings
He responded to the criticism that he wasn’t avoided paying his fair share of taxesTesla CEO, Nikola Tesla asked people to vote on whether they should sell 10% or keep 10%.
“Much has been made recently of unrealized profits being a method of tax avoidance. So I propose to sell 10% of my Tesla stock. Are you in favor of this?” He stated. Musk also added a poll function so that users could choose to vote “Yes” and “No”.
Musk, who is one of the richest men in the world, said that he would abide by these poll results, “no matter what the outcome.” The amount and tax rate of the proposed sale were not immediately known. The Wall Street Journal reported that Musk had 22.4% ownership of company shares outstanding as of last December.
Millionaires have the opportunity to benefit from tax-avoidance techniques that are not available for those earning conventional wages. Extreme wealth is often largely based on the rising value of stock and real estate that is not considered taxable unless those assets are sold. This is where Musk’s 10% unrealized profit comes in. If Musk sells, then he will be subject to tax.
It was much earlier this summer. ProPublica, an investigative news site, reportedIn a huge analysis of the financial records of billionaires, Musk’s tax bill was included. This outlet discovered that Musk’s income tax bill amounted to zero in 2018Musk later retorted, saying that the reporting was “tricky” and “misleading”. Musk later retorted, claiming that the reporting was misleading and difficult. Musk explained that the figure was low as he doesn’t draw a salary so his cash compensation would be close to zero.
Note: I don’t accept any cash bonus or salary from anyone. He said that he only has stock and therefore the only way to pay taxes is to actually sell it.
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