Elon Musk is using a Twitter poll to decide the future of 10% of his Tesla shares
, the Tesla CEO asked users to decide whether or not he should hold or sell 10% of his stock.
"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?" he said. Musk added a poll function, so users could vote "Yes" or "No." "I will abide by the results of this poll, whichever way it goes," Musk, one of the world's richest people, added. It wasn't immediately clear what that proposed sale would amount to or what the tax rate would be. As of last December, Musk owned about 22.4% of the company's shares outstanding, according to The Wall Street Journal.
Billionaires can benefit from tax-avoidance strategies not offered to people whose earnings come from conventional wage income. Extreme wealth is often largely based on the rising value of stock and real estate that is not considered taxable unless those assets are sold. That's where the 10% unrealized gain comes in: If Musk sells, he'll be taxed.
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