Elon Musk Lets Twitter Poll Decide if He Should Sell $20 Billion in Tesla Stock — Investors Suggest Buy Bitcoin – News Bitcoin News
Tesla and Spacex CEO Elon Musk has requested his Twitter followers whether or not he ought to promote his Tesla inventory. He has additionally promised to abide by the outcomes of the ballot. Many folks urge Musk to promote his Tesla shares and put cash into cryptocurrency, notably bitcoin.
Elon Musk Asks Twitter Followers to Decide Whether to Sell His Tesla Shares; Most Said Yes
Tesla CEO Elon Musk arrange a ballot on Twitter Saturday asking his 62.7 million followers to resolve whether or not he ought to promote 10% of his Tesla inventory. “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.
In a follow-up tweet, he famous that he does “not take a cash salary or bonus from anywhere,” emphasizing, “I only have stock, thus the only way for me to pay taxes personally is to sell stock.” The Tesla boss additionally promised:
I’ll abide by the outcomes of this ballot, whichever method it goes.
Musk’s ballot has drawn a lot media consideration. It acquired greater than 3.5 million votes, 57.9% of which mentioned “Yes.” The tweet has been appreciated 111.5K occasions and retweeted 22.1K occasions.
On Friday, Congress handed the $1.2 trillion U.S. Infrastructure invoice after chopping down its hotly-debated tax plan on unrealized capital beneficial properties geared toward billionaires. That a part of the invoice has been spun off right into a separate $1.9 trillion invoice to be voted on later.
The Tesla boss, now the world’s richest man with a web value of a minimum of $318.4 billion in keeping with Forbes’ record of billionaires, has made a number of tweets criticizing the invoice over the previous few weeks.
Many bitcoiners jumped into the ballot’s thread to voice their opinions to Musk. A lot of folks instructed that Musk ought to use the proceeds from promoting his TSLA inventory to buy BTC. For instance, Microstrategy CEO Michael Saylor instructed: “If the goal is diversification, an alternate strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC. That would deliver diversification, inflation protection, & more upside for all investors in a tax-efficient manner.”
Former Tesla worker Michael Rihani, now working because the crypto product lead at Jack Dorsey’s firm Square Inc., tweeted to his previous boss:
Yes, promote to obtain $10B+ USD and purchase bitcoin with it. You’ll flip that $10B+ into $100B+ and may use the proceeds to (1) improve the chances of fulfilling the Tesla and Spacex missions and (2) serving to much more folks and nations.
Some of Musk’s followers are hopeful that the Tesla billionaire will put some cash into the meme cryptocurrency dogecoin. Musk, also referred to as the Dogefather, has lengthy been a supporter of DOGE, calling it “the people’s crypto.” He not too long ago revealed that he personally owns three cryptocurrencies: bitcoin, ether, and dogecoin.
Not everybody was joyful concerning the ballot, nevertheless. Some have been involved that promoting 10% of Musk’s Tesla place will tank the TSLA inventory’s value on Monday morning. Others thought it was merely a poor concept to let Twitter customers resolve what to do with a lot wealth.
U.S. Senator Ron Wyden, chair of the Senate Finance Committee who’s behind the unrealized beneficial properties tax provision, responded to Musk’s ballot Saturday night:
Whether or not the world’s wealthiest man pays any taxes in any respect shouldn’t rely on the outcomes of a Twitter ballot. It’s time for the Billionaires Income Tax.
Last week, Musk provided to promote his Tesla shares if it could remedy the world starvation downside. Responding to a remark by the director of the United Nations’ World Food Program (WFP) that 2% of his wealth might remedy world starvation, Musk wrote: “If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.” However, he emphasised: “But it must be open source accounting, so the public sees precisely how the money is spent.”
Musk’s shareholding in Tesla involves about 170.5 million shares as of June 30. Selling 10% of his inventory would quantity to about $21 billion based mostly on Tesla’s present inventory value.
What do you consider Elon Musk’s Twitter ballot? Also, ought to he use the sale proceeds to purchase bitcoin? Let us know within the feedback part beneath.
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