Elon Musk is asking his twitter followers for advice. He wants to know if he should sell his Tesla stocks or not. Many of them are urging him to dump the Tesla shares and invest in cryptocurrency instead.
Elon Musk has asked his followers on Twitter to vote on whether he should sell his shares of Tesla.
Tesla CEO Elon Musk set up a poll on Twitter Saturday asking his 62.7 million followers to decide whether he should sell 10% of his Tesla stock. “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock”
In a follow-up tweet, he noted that he does “not take a cash salary or bonus from anywhere” and “my only compensation is stock, thus the only way for me to pay taxes is to sell (trash) stocks.” The Tesla boss also promised:
I will follow the results of this poll, no matter what it says
It’s obvious Elon Musk has no issue drawing attention to himself. He’s had 3.5 million people vote on his poll (57.9% of which said ‘yes’) and was liked by 111K+ people and retweeted by 22K+.
Congress recently passed a $1.2 trillion bill for U.S. infrastructure and separated out the hotly debated part of the plan: tax breaks for billionaires, which amounted to $1.9 trillion.
The Tesla boss, the richest man in the world with a net worth of at least $318.4 billion according to Forbes’ list, has been making several tweets over the past few weeks criticizing this bill.
Many Bitcoiners jumped into the poll’s thread to voice their opinions to Musk. People also suppsed he should use proceeds from selling Tesla stock for buying Bitcoin.
Microstrategy CEO Michael Saylor has suggested that Tesla convert their balance sheet to a bitcoin standard and buy 25 billion worth of BTC.
That would deliver a higher rate of return while offsetting inflation and providing increased diversification for all investors in a tax-efficient manner.
Some of Musk’s followers are hopeful the Tesla mogul will put some money into the meme cryptocurrency.
Elon Musk, the so-called “Dogefather,” is long-lived in his support for DOGE, calling it “the people’s crypto.” He recently revealed that he personally owns three cryptocurrencies: bitcoin, ether, and dogecoin
However, not everyone was impressed with the new poll. Some people were worried that selling 10% of Musk’s Tesla position may cause the TSLA price to tank on Monday morning. Others felt it was a poor idea to let Twitter users decide what of his options Musk had be
Yesterday US Senator Ron Wyden, the chair of the Senate Finance Committee who is behind the Unrealized Gains Tax provision responded to Musk’s poll.
Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax.
Recently, Elon Musk offered to sell his Tesla stock if it would solve the world hunger problem.
Responding to a comment by the director of the United Nations’ World Food Program (WFP) that 2% of his wealth could solve world hunger, Musk wrote: “If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will donate that exact amount. Deal?”
I will now sell my Tesla stocks and do it. However, he emphasized: “But you have to make it public accounting so that the public can see how money is spent.”
Elon Musk’s Tesla holding makes up about 0.2% of the whole company and he would get $7 billion if he sold all of it.