Twitter Users Approves Elon Musk to Offload 10% of his Tesla stock

Is Elon Musk serious about selling 10% of his Tesla stock?

Tesla Inc CEO Elon Musk should sell about 10% of his Tesla stock, according to 57.9% of people who voted on his Twitter poll asking users of the social media network whether he should offload the stake.

“I was prepared to accept either outcome,” Musk said, after the voting ended.

The world’s richest person tweeted on Saturday that he would offload 10% of his stock if users approved the proposal. Musk has previously said he would have to exercise a large number of stock options in the next three months, which would create a big tax bill. Selling some of his stock could free up funds to pay the taxes. 

As of June 30, Musk’s shareholding in Tesla came to about 170.5 million shares and selling 10% would amount to close to $21 billion based on Friday’s closing, according to Reuters calculations.

The poll garnered more than 3.5 million votes.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk said on Saturday, adding that he does not take cash salary or bonus “from anywhere”, and only has stock.

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