Last week, Tesla CEO Elon Musk asked his more than 60 million followers on Twitter if he would sell 10% of his Tesla stock. The majority of Twitter voted in favor of the sale. Musk was referring to this outcome, it seems now, because there is a $15 billion tax hanging over his head.
Musk allowed Twitter to decide whether to sell its shares:
According to stock experts, Elon Musk will sell millions of shares in the last quarter of this year. In their opinion, holding a referendum on Twitter was not necessary.
Musk does not receive a salary or bonuses from his own company, but is rewarded with shares. In 2012, he acquired 22.8 million shares, which were then valued at $6.24 per share. Currently, the cost of Tesla’s participation is about $1,222 and the total value of the ten-year-old shares is about $28 billion.
Musk will lose his right to Tesla shares in August of next year. If he wanted to turn those shares into money, he could count on a huge tax levy. That full tax fee would amount to $15 billion. Therefore, Musk is advised to sell the shares now and not wait until August.
annoyed
Musk himself has yet to confirm that it will be $15 billion, but he responded angrily on Twitter. “Note: I do not accept cash or bonus payments from anywhere. I only have shares. If I personally have to pay taxes, I can only do so if I sell shares.”
In September, Musk already hinted that he would sell shares. “My rights to Tesla stock expire next year, so if I don’t want it to expire, I’ll have to sell it.” So now it seems that selling the shares will save him a significant amount of money. So the Twitter poll wasn’t necessary.
Unlimited free access to Showbytes? And that can!
Sign in or create an account and never miss a thing from the stars.
“Coffee buff. Twitter fanatic. Tv practitioner. Social media advocate. Pop culture ninja.”
More Stories
Strong increase in gas export pipeline from Norway to Europe
George Louis Bouchez still puts Julie Tatton on the list.
Thai Air Force wants Swedish Gripen 39 fighter jets