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Wednesday, December 8, 2021

Elon Musk polls his Twitter followers to ask if he ought to promote 10 % of his Tesla inventory

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Tesla CEO and wealthiest particular person on the planet Elon Musk tweeted out a ballot Saturday, asking his Twitter followers whether or not he ought to promote 10 % of his inventory within the automaker, ostensibly to pay extra tax.

“A lot is made currently of unrealized positive factors being a method of tax avoidance, so I suggest promoting 10% of my Tesla inventory,” he tweeted. He stated in a subsequent tweet that he’d abide by the outcomes of the ballot “whichever means it goes.” By Sunday morning, “sure” replies have been main, with 57 % of greater than 3.1 million votes.

Musk had been a vocal critic of a proposal to tax unrealized gains on publicly traded belongings for among the wealthiest People. Below the proposal by Sen. Ron Wyden (D-Oregon), if belongings elevated in worth, even when the particular person didn’t promote the belongings, the particular person must pay taxes on the unrealized achieve. It might mainly finish the tax loophole that lets billionaires defer capital positive factors taxes indefinitely, whereas nonetheless with the ability to borrow in opposition to that wealth.

“Ultimately, they run out of different individuals’s cash after which they arrive for you,” Musk tweeted in October, in response to a tweet expressing issues in regards to the proposal.

Wyden responded to Musk’s concept, tweeting on Saturday: “Whether or not or not the world’s wealthiest man pays any taxes in any respect shouldn’t rely upon the outcomes of a Twitter ballot, It’s time for the Billionaires Revenue Tax.”

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Saturday was additionally not the primary time Musk has floated the concept of promoting off some Tesla inventory. Musk told journalist Kara Swisher at Code Conference in September that he deliberate to promote an enormous chunk of his Tesla inventory choices earlier than they expired. “I’ve a bunch of [stock] choices which can be expiring early subsequent 12 months, in order that’s an enormous block of choices we’ll promote in This fall,” he stated.

Swisher requested if he was stunned by how a lot Tesla’s inventory had gone up. “I’ve gone on report and stated I believe [Tesla’s] inventory worth is just too excessive, for my part,” Musk added later. “What am I imagined to do? I’m not the one making it go up.”

ProPublica journalist Jesse Eisinger pointed out on Twitter that the third tweet in Musk’s Saturday thread — “Word, I don’t take a money wage or bonus from wherever. I solely have inventory, thus the one means for me to pay taxes personally is to promote inventory”— appeared to verify the information website’s reporting on how the ultra-wealthy avoid paying income taxes.

“Thanks for confirming our story: That for the extremely rich revenue taxes are primarily voluntary,” Eisinger tweeted, noting that Musk had beforehand known as the story “deceptive.”

Musk’s Twitter ballot had just a few hours remaining on Sunday. We’ll replace this put up if he makes additional remark.

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