Story at a glance
- Tesla’s shares fell 4.5 percent on Monday.
- Tesla CEO Elon Musk tweeted Saturday that he would sell 10 percent of his stock if social media users voted for him to do so in a Twitter poll.
- The final result indicated 57.9 percent of voters encouraged him to.
Tesla’s shares fell 4.5 percent on Monday following a Saturday tweet from CEO Elon Musk stating he would sell 10 percent of his stock if social media users voted for him to do so in a Twitter poll.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk tweeted alongside a poll. The final result indicated 57.9 percent of voters encouraged him to.
“I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk said in a follow-up tweet. “I was prepared to accept either outcome.”
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Whether Musk will sincerely sell the stock is yet to be seen.
According to Reuters, a 10 percent sale would amount to about $21 billion.
Musk has faced issues with financial regulators in the past due to his public announcements on Twitter. Musk was fined $20 million by the U.S. Securities and Exchange Commission (SEC) and asked to step down as Tesla’s chairman for a 2018 tweet that indicated he would take Tesla private at $420 a share and had already received funding.
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