Elon Musk, the CEO of Tesla, sold shares of the electric carmaker on Wednesday, shortly after conducting a Twitter poll. Based on the results of a Twitter poll that he conducted earlier, he disclosed selling 10% of his Tesla interests, valued at more than $20 billion by most estimates.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?,” he posted on Twitter. After most of the votes went for ‘Yes’, he sold the stocks. Out of 3.5 million votes, 57.9% of them, voted for Yes.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
Musk exercised 2.15 million options on Monday at a price of $6.24 per contract, according to regulatory filings, and then sold 934,000 shares for $1.1 billion, Bloomberg said.
Now that Musk sold the stocks, everyone has shared that he based his decision off on the Twitter poll results.
The billionaire, whose net worth is estimated to be the richest man in the world, said he was considering selling the stock since some Democrats have been pushing for billionaires to pay taxes on stock gains even if they don't sell any.