“A lot has been done lately with unrealized gains being a means of tax evasion, so I suggest selling 10% of my Tesla stock. Do you support this?”
It was a late Saturday tweet from the electric car manufacturer TSLA,
CEO Elon Musk, whose attached poll had gathered more than 2.6 million votes early Sunday. Due to expiration later in the afternoon, Eastern Time, the votes so far were 56% for sale, and 46% against.
Musk went on to say that he would “follow the results of this poll, no matter which way it goes,”[ads1]; and that he does not “take a cash salary or bonus from anywhere. I only have stocks, so the only way for me to paying tax personally is to sell shares. “
Of the thousands who responded to Musk’s tweet, many expressed concern that such a sale would cause the shares to empty their shares, harming average investors who have benefited from a recent record high for equities,
Tesla hit a new high last week of $ 1,229.91 per share, rising 43% in October. The company’s market value climbed over $ 1 trillion after Hertz Global HTZ,
announced plans on October 25 to order 100,000 Tesla vehicles. Days later, Musk questioned the rise in the stock when he said no agreement with Hertz had been signed yet.
Read: Tesla and Hertz will reportedly negotiate on how quickly Hertz will receive deliveries
Shares of Tesla ended up 9% last week, close to a record high of $ 1,222.09, up 73% so far this year. Musk itself has a 17% stake in Tesla worth more than $ 200 billion. A 10% share, if he decided to sell, would be worth around $ 21 billion based on Friday’s close, according to FactSet.
Musk himself has said that Tesla’s share price may be too high, as he repeated in a September interview with Kara Swisher for the New York Times. “But if you also ask me, do I think Tesla will be worth more than this in five years? I think the answer is yes, “he told her.
For now, Musk may have created some built-in excitement for the stock exchange’s new week. All three major US stock references SPX,
rose to new highs on Friday, driven by strong job data and the view that the Federal Reserve is in no hurry to raise interest rates.
In late October, Musk criticized a proposed new annual tax on billionaires’ unrealized capital gains, saying he agreed with the view that this type of tax would eventually affect others as well. “In the end, they run out of other people’s money, and then they come after you,” he said in response to another comment on Twitter.
Musk is by far the richest billionaire in the world, with a net worth of $ 314 billion, according to Forbes’ real-time billionaire list. Next up with about $ 100 billion is Amazon.com CEO Jeff Bezos, who is worth $ 203 billion.