Elon Musk holds Twitter vote to sell $ 21 billion Tesla stock – NEWS WORLD UPDATE

Tesla billionaire Elon Musk launched a Twitter poll of his 62.6 million followers asking if he should sell 10% of his shares.

The vote, which closes later on Sunday, could see him sell off $ 21 billion (£ 16 billion) of shares in the electric carmaker.

He promised to respect the poll result, a response to a “billion-dollar tax” proposed by US Democrats.

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The plan could see Mr. Musk, who is one of the richest men in the world, face a huge tax bill.

By mid-afternoon on Sunday, about 3 hours after the poll closed, 57.2% of the 3.2 million respondents had voted “yes”.

Tesla’s chief executive owns more than $ 200 billion in shares and is expected to exercise options next year that will further increase his value, but will leave Mr. Musk with what he said would be a “massive” tax bill.

Under plans proposed by the Democratic Party in the Senate, billionaires could be taxed on “unrealized profits” when their share price rises, even if they don’t sell any of their shares.

In another tweet on Saturday, Musk said, “Note, I don’t take a cash salary or bonus anywhere. I only have stocks, so the only way to pay taxes personally is to sell stocks.

“There has been a lot of talk lately about unrealized gains as a means of tax avoidance, so I propose to sell 10% of my Tesla stock,” he tweeted.

It is thought that the proposed capital gains tax, regardless of whether the assets have been sold or not, could affect an estimated 700 billionaires in the United States. Critics have pointed out that the value of assets does not always go up.

Musk has an option, which expires in August next year, to buy 22.86 million Tesla shares at $ 6.24 each, a fraction of Tesla’s closing share price on Friday of $ 1,222.

He recently claimed he would sell $ 6 billion in Tesla stock and donate them to the World Food Program, provided the organization discloses more information on how he spent his money.

The survey raised some concerns in the world of finance. “We are seeing the Twitter masses deciding the outcome of a $ 25 billion coin toss,” Venture investor Chamath Palihapitiya tweeted.

“I’m looking forward to the day when the richest person in the world who will pay some taxes won’t be dependent on a Twitter poll,” tweeted Berkeley economist Gabriel Zucman.

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