The tech billionaire said he would 'abide by the results of this poll, whichever way it goes' as he asked social media users if they 'support' him selling 10% of his stock in the company.
He shared the poll after US Senate Democrats unveiled a proposal to tax billionaires' stocks and other tradeable assets to help finance President Joe Biden's social spending agenda, and fill a loophole that has allowed them to defer capital gains taxes indefinitely.
Musk has criticized the proposal, saying:"Eventually, they run out of other people's money and then they come for you."Including stock options, Musk owns a 23% stake in Tesla, the world's most valuable car company whose market value recently exceeded $1tn .The billionaire's brother Kimbal Musk sold 88,500 Tesla shares on Friday, becoming the latest board member to offload a large number of Tesla stocks, which hit record highs.
A week ago, Musk said on Twitter that he would sell $6bn in Tesla stock and donate it to the United Nations' World Food Programme , provided it disclosed more information about how it spent its money.Musk has previously said he would have to exercise a large number of options in the next three months, which would create a big tax bill.
He also said he did not want to borrow against stock to pay taxes because stock value could go down. If he sold some of the stocks, that could free up funds for the tax bill. Bryan Springmeyer, an attorney at San Francisco-based law firm Springmeyer Law, said:" seems crazy to borrow that much to pay taxes, so I have to assume he'd need to liquidate a substantial amount of the shares purchased from the option exercise to pay taxes."
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