Tesla shares fell nearly 4.9 % after Tesla CEO Elon Musk announced that he will sell 10% of his stock, valued at $20 billion, based on the results of a poll he ran on Twitter over the weekend.
He asked his Twitter followers if he should sell his Tesla stack to pay more taxes. While 57.9% of the more than 3.5 million participants voted “yes,” 42.1 % of people voted “no.” As a result, on the following Monday, shares fell 4.84 %.
On Sunday, he tweeted that he will follow the findings of the vote regardless of the outcome.
He went on to tweet ” Note. I do not take a cash salary or bonus from anywhere. I only have a stack, thus the only way for me to pay taxes personally is to sell a stock.”
Musk slammed US Senate Democrats after they presented a plan to tax billionaires’ stacks and other marketable assets.
He placed the Twitter survey in the context of a debate about whether the wealthiest Americans paid their fair amount of taxes. To solve the issue, Congress proposed taxing billionaires’ unrealized investment gains but abandoned the plan.s
Tesla is an electric vehicles corporation headquartered in Palo Alto, California. Tesla creates electric vehicles, energy storage systems, solar cells, and solar roof tiles, as well as other products and services. Tesla Motors was founded by Martin Eberhard and Marc Tarpenning in July 2003 and is named after Nikola Tesla, a scientist, and electrical expert. After investing US$6.5 million in February 2004, Elon Musk became the company’s largest shareholder and chairman. He has been the company’s CEO since 2008. According to Musk, Tesla’s objective is to help expedite the transition to sustainable transportation and energy, which will be accomplished through electric vehicles and solar power. Tesla’s first automobile, the Roadster, was released in 2009.