Elon Musk elevated his Twitter game to new heights when he launched a poll asking his 62 million followers if he should sell 10% of his Tesla shares, which is approximately equal to $25 billion.
The billionaire controls around 193 million shares in the world’s largest maker of electric vehicles. At the time of writing, Musk’s poll has garnered 2.8 million votes, with 56.9 percent of respondents backing the concept. The polls will stay open for a further seven hours.
In a subsequent tweet, the Tesla CEO states that he would adhere to the poll’s conclusions. According to the Bloomberg Billionaire Index, Musk’s personal net worth has risen to $338 billion. It has roughly quadrupled in value since the start of 2021, owing partly to the Tesla surge.
Additionally, the entrepreneur owns aerospace business SpaceX, which is reputedly worth more than $100 billion. Musk slammed a proposed Democratic-led plan last month that would impose yearly taxes on unrealized capital gains.
They eventually deplete other people’s funds and then come after you. According to Democrats, the effort may add $250 billion to the federal government’s coffers over the next decade. Republican negotiators, on the other hand, are opposed to taxing money that has not yet been earned.
According to an investigation released last June by the non-profit journalism organization ProPublica, the richest Americans dodge paying taxes by borrowing against their vast stock holdings.
Between 2014 and 2018, the top 25 wealthiest Americans paid a minuscule 3.4 percent “true tax rate” on the combined wealth they accumulated during that time period.
If Musk proceeds with the anticipated $25 billion sales, he will be required to pay around 20% in capital gains tax. Now that the Tesla CEO may possibly have a large sum of money on hand, he began getting proposals from the bitcoin community immediately.
MicroStrategy CEO Michael Saylor wasted little time convincing Musk to spend the whole sum in Bitcoin, claiming that it would safeguard Tesla from inflation.
Last December, Saylor’s casual Twitter exchange with Musk apparently spurred Tesla to purchase $1.5 million worth of Bitcoin.
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