Elon Musk selling tesla stock twitter, take to charge how much own shares

Musk polls his Twitter followers to determine whether he should sell 10% of Tesla stock.

Elon Musk, CEO of Tesla Inc., speaks onstage at a January 7, 2020, delivery event for Tesla China-made Model 3 cars at the company's facility in Shanghai, China.

Reuters, Nov 6 - Elon Musk, CEO of Tesla Inc (TSLA.O), polled his 62.5 million Twitter followers on Saturday to determine whether he should sell 10% of his Tesla stock.

The world's wealthiest man previously stated that he may face a "huge" tax burden this year due to the exercising of a big number of stock options that would expire next year.

"Nota bene, I receive no financial income or bonus from anyone. Because I own solely stock, the only way for me to pay taxes is to sell shares "Musk stated on Saturday via Twitter.

"Given the recent emphasis on unrealized gains as a tool of tax avoidance, I recommend selling 10% of my Tesla stock," he stated, referring to a Democratic proposal for a "billionaires' tax."

Musk has blasted the proposal, which would touch 700 billionaires and impose taxes on long-term capital gains on tradable assets, regardless of whether they are sold.

Musk stated that he will follow the poll's results regardless of the outcome.

The poll garnered nearly 2 million replies in the seven hours following his posting, with 55% of respondents supporting the plan to sell the shares. The poll will close at about 3 p.m. ET (2000 GMT) on Sunday.

Musk's stake in Tesla was approximately 170.5 million shares as of June 30, and according to Reuters calculations, selling 10% of his stock would be worth close to $21 billion at Friday's closing price.

Elon Musk selling tesla stock twitter, take to charge how much own shares
Elon Musk, CEO of Tesla Inc., speaks onstage at a January 7, 2020, delivery event for Tesla China-made Model 3 cars at the company's facility in Shanghai, China.

'STOCKS DECLINE'

According to a Tesla filing, Musk has an option to purchase 22.86 million shares at a price of $6.24 a share that expires on Aug. 13 next year. Tesla's closing price on Friday was $1,222.09.

Musk stated in September that he is likely to pay taxes on more than half of the proceeds from exercising options. He also ruled out the notion of taking out loans using Tesla stock as security. "Stocks do not always increase in value. They sink, "During the code conference, he stated.

After Tesla stock reached a record high in late October, several Tesla board members, including his brother Kimbal Musk, liquidated huge amounts of stock.

Musk recently stated on Twitter that he would sell $6 billion in Tesla stock and donate it to the World Food Program (WFP) in exchange for the organization disclosing more information about how its money is used.

His tweet caused some consternation in the financial world.

"We are watching the Twitter crowd decide the outcome of a $25 billion coin flip," venture capitalist Chamath Palihapitiya remarked on Twitter.

"I'm looking forward to the day when the richest person on the planet pays some tax," Berkeley economist Gabriel Zucman tweeted.

Musk ran afoul of the law in 2018 with a tweet about taking Tesla private.