Elon Musk asked Twitter followers if he should sell Tesla shares. They said yes

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Tesla CEO Elon Musk poses as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin, on Dec. 1, 2020. Musk surprised his Twitter followers by asking them to vote on whether he should sell 10% of his company’s stock. The majority of his followers said yes.

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Sen. Ron Wyden, D-Oregon, speaks to reporters about a corporate minimum tax plan at the U.S. Capitol on Oct. 26 in Washington, D.C. Wyden feuded with Tesla CEO Elon Musk over the senator’s proposal to tax stock investments held by billionaires annually.

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Sen. Ron Wyden, D-Oregon, speaks to reporters about a corporate minimum tax plan at the U.S. Capitol on Oct. 26 in Washington, D.C. Wyden feuded with Tesla CEO Elon Musk over the senator’s proposal to tax stock investments held by billionaires annually.

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Musk is currently the world’s richest man. According to the Bloomberg Billionaires Index his net worth is $338 billion, and $208 billion of that is in Tesla stock.

The company’s share price has skyrocketed in recent weeks, and the company now has a market cap of more than $1 trillion.

Tesla doesn’t pay Musk a salary; so, unless he sells shares, there is no income for the government to tax.

Musk has run into regulatory trouble before

According to recent reporting by ProPublica, Musk paid no federal income taxes in 2018, and his «true tax rate» between 2014 and 2018 was 3.27 percent. (To determine what it is calling the «true tax rate,» ProPublica says it «compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in the same period.)

During a recent interview, Musk called the ProPublica reporting «misleading stuff» and «trickery.»

Musk has gotten into trouble with regulators before for making comments on Twitter that have affected Tesla’s stock price.

In 2018, he said he was «considering taking Tesla private at $420,» a number associated with marijuana use.

The tweet led to lawsuits and eventually an agreement with the U.S. Securities and Exchange Commission that Musk would share future statements with his company’s counsel in advance.

In 2020, Musk said Tesla’s stock price «is too high.»

  • capital gains
  • capital gains taxes
  • investments
  • billionaires
  • stocks
  • Tesla
  • Elon Musk
  • Sen. Ron Wyden
  • income taxes

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