Elon Musk tweeted to ask if Tesla should sell some shares Business and Economic News

Some Democrats are pushing millions to pay taxes when the price of their shares rises, even if they don’t sell shares.

Tesla CEO Elon Musk is asking on Twitter whether he should sell 10 percent of his shares in the electric vehicle company amid pressure to raise taxes on millions like Washington himself.

Some Democrats are pushing millions to pay taxes when the price of their shares rises, even if they don’t sell shares. It’s a concept called “Non-Profit Earnings,” and Musk is sitting in many of them with a net worth of about $ 300 billion.

“A lot of unrealized profits are being made by way of avoiding taxes, so I’m proposing to sell 10 percent of my Tesla shares,” he tweeted on Saturday. “Do you accept that?”

At 17:40 Eastern Time (22:40 GMT), just over two hours after Musk’s initial tweet, 54 percent said yes out of a total of 876,189 votes.

Much of Musk’s wealth is in Tesla’s shares, which doesn’t pay him any cash. “I only own shares, so the only way to pay taxes personally is to sell shares,” he tweeted.

Musk, who is sometimes known for his harsh tweets, said he will “comply with the results of the survey.”

I will respect the results of this survey, in any case

– Elon Musk (@elonmusk) November 6, 2021