Musk is expected to sell 10% of Tesla’s shares, Twitter users tell Reuters

(Reuters) – Tesla Ince CEO Elon Musk is expected to sell about 10% of Tesla (NASDAQ 🙂 shares, asking whether 57.9% of people who voted according to his Twitter (NYSE 🙂 poll should download them to social media users. bet.

“I was ready to accept both results,” Musk said after the vote.

The richest person in the world tweeted that he would unload 10% of his shares on Saturday if users accepted the proposal.

The poll garnered more than 3.5 million votes.

“A lot of unrealized gains lately are being done as a way to avoid taxes, so I’m proposing to sell 10% of my Tesla shares,” Musk said Saturday, adding that he doesn’t take any cash or bonus “anywhere” and has only done so. stock.

The U.S. Senate Democrats have filed a proposal to tax millionaire shares and other commercial assets to help fund President Joe Biden’s social spending agenda and fill a gap that has allowed them to postpone capital gains taxes indefinitely.

Musk criticized the proposal: “Eventually, other people’s money runs out and then they come looking for you.”

As of June 30, Musk’s stake in Teslan’s shares was about $ 170.5 million and a 10% sale would approach $ 21 billion based on Friday’s close, Reuters estimates.

Including stock options, Musk holds a 23% stake in Tesla, the world’s most valuable auto company, whose market value has recently surpassed $ 1 trillion. It also has other valuable companies including Space X.

His brother Kimbal Musk sold 88,500 Tesla shares on Friday, unloading a large number of Tesla shares that became members of the last board.

One week ago, Musk said on Twitter that he would sell $ 6 billion in Tesla shares and donate them to the United Nations World Food Program (WFP) if he could provide more information about how the organization spent its money.

Musk has said before that he will have to seize a lot of opportunities in the next three months, which would create a huge tax bill.

He also said he did not want to take out a loan against the shares to pay taxes because the value of the shares could fall. If some shares are sold, this may release funds for the tax bill.

“() It seems wonderful to borrow so much to pay taxes, so it would have to liquidate a large number of the shares purchased from the exercise of exercise to pay taxes,” said San Francisco lawyer Bryan Springmeyer. Springmeyer Law Attorney’s Office.