Elon Musk's Twitter poll about selling 10% of his Tesla stock has shown that more than 50% of the participants think he should sell the stock.
As of press time, 57.9% of the Twitter poll's respondents support the idea of him selling 10% of his stock. 42.1% of respondents do not support it.
Elon Musk owns 193.3 million Tesla shares, which is around 20.7% of the total shares of his company. The current market capitalization of Tesla is at $1.22 trillion.
The Tesla CEO has clarified that he does not receive a cash salary or bonus. He said that in order for him to personally pay taxes, he must first sell stock.
Elon Musk's Twitter Poll
Elon Musk, Tesla's CEO, posted a poll on his personal Twitter account regarding his Tesla stock.
In the tweet, the Tesla CEO asked, "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?"
57.9% of the respondents of his Twitter poll said that they support the idea of him selling 10% of his Tesla stock. 42.1% have said that they do not.
In another tweet part of the thread, Musk said that he "will abide by the results of this poll, whichever way it goes."
Elon Musk's Tesla Stock
Just how much stock does Elon Musk own in Tesla?
According to a report by Forbes, the Tesla CEO owns 193.3 million Tesla shares. The company's market capitalization is at $1.22 trillion as of press time.
This means that Elon Musk owns 20.7% of the total shares of the company.
Does Elon Musk Take a Cash Salary?
Given his position as Tesla's CEO and the number of shares in his company that he owns, does Elon Musk receive a cash salary or bonus?
According to the man himself, the answer to that question is no.
In another subsequent tweet that is part of his Twitter poll thread, Musk clarified that he does not receive a cash salary or bonus.
"I only have stock, thus the only way for me to pay taxes personally is to sell stock," he said.
The BBC report notes that the Tesla CEO "has made billions of dollars through a compensation package, which gives him power to exercise large amounts of stock options when the company meets performance targets and its shares hit certain prices."
One such option will actually expire in August 2022 and gives Musk the option to purchase 22.86 million Tesla shares at $6.24 each. For reference, according to the BBC report, the share price at Tesla is $1,222.
Last June, a previous Tech Times report talked about how Elon Musk paid $0 in taxes in 2018.
Related Article: How Much Tax Do Billionaires Pay? Report Says Musk, Bezos, and More 'Paid Next to Nothing'
This article is owned by Tech Times
Written by Isabella James
