Twitter has spoken — after Elon Musk polled his more than 62 million followers on whether he should sell 10% of his Tesla stock, a majority had voted “yes” by Sunday.
“I was prepared to accept either outcome,” said Musk, who regularly takes to Twitter to make unexpected announcements or surprising comments. He did not specify when or how he plans to sell the shares.
According to AFP, Musk’s demand on Saturday night comes in the wake of a proposal by US Congressional Democrats to tax the ultra affluent more harshly by targeting stocks, which are typically taxed only when sold.
Musk had already criticized the proposal at the end of October, tweeting: “Eventually, they run out of other people’s money and then they come for you.”
He broached the topic again on Saturday, writing on Twitter: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.”
He also shared a poll with his followers, asking if they agreed “yes” or “no.”
By the end of the day on Sunday, 57.9 percent of those who voted had voted “yes.”
According to Bloomberg, Musk controlled around 17% of Tesla’s outstanding shares as of June 30, valued at $208.37 billion.
As part of his pay, the entrepreneur received a hefty package of stock options and convertible shares.
He could make little less than $21 billion if he sold 10% of his stock.
His fortune has grown in tandem with the recent boom in Tesla’s stock price, which has risen from around $130 at the start of 2020 to $1,222.09 as of Friday.
Taking into account his shares in his other firms, such as neurotechnology firm Neuralink and SpaceX, Musk is the world’s richest man, according to Bloomberg, with an estimated fortune of $338 billion.
“Note, I do not take a cash salary or bonus from anywhere,” Musk tweeted Saturday.
“I only have stock, thus the only way for me to pay taxes personally is to sell stock.”