Elon Musk, the CEO of Tesla, has asked on Twitter if he should sell 10% of his ownership in the electric vehicle firm, citing pressure from Washington to raise taxes on billionaires like him.
Some Democrats have proposed that billionaires pay taxes when the value of the stocks they own rises, even if they don’t sell any. It’s known as “unrealized gains,” and Musk, who has a net worth of around $300 billion, has a lot of them.
He tweeted Saturday afternoon, “Much has been made recently about unrealized gains being a technique of tax avoidance, hence I propose selling 10% of my Tesla stock.” “Are you in favour of it?”
Out of a total of 876,189 votes, 54 percent responded yes by 5:40 p.m. Eastern time, a little more than two hours after Musk’s initial tweet.
Musk’s fortune is largely made up of Tesla stock, which does not pay him a salary in cash. He tweeted, “I only have stock, hence the only option for me to pay taxes personally is to sell shares.”
Musk, noted for his witty tweets, stated that he will “abide by the results of this vote.”
The Shining Media is an independent news website and channel, covering updates from the world of Politics, Entertainment, Sports, International, National, and a lot more.