Elon Musk tweets to ask if he should sell 10% of his Tesla stock
Some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don't sell any shares.
New York: Tesla CEO Elon Musk is asking on Twitter whether he should sell 10 per cent of his stock in the electric-vehicle company amid pressure in Washington to increase taxes on billionaires like him.
Some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don't sell any shares. It's a concept called unrealized gains, and Musk is sitting on a lot of them with a net worth of roughly USD 300 billion.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 percent of my Tesla stock, he tweeted Saturday afternoon.
Do you support this?
By 5:40 pm Eastern time, a little more than two hours after Musk's initial tweet, 54 per cent said yes out of a total of 876,189 votes.
Much of Musk's wealth is held in shares of Tesla, which does not pay him a cash salary. I only have stock, thus the only way for me to pay taxes personally is to sell stock, he tweeted.
Musk, who is known for his sometimes flippant tweets, said he would abide by the results of this poll. (AP)
Earlier Musk had said in a tweet that the electric vehicle company continues to face 'a lot of challenges' with the Indian government regarding the setting up of car production in India
Tesla in India soon? Working through a lot of challenges with Central government, says CEO Elon Musk
Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
Tesla in India: From Maharashtra to Bengal, states that have invited Elon Musk to make electric cars in India
On 13 January, Tesla co-founder Elon Musk tweeted that the American electric car major was trying to work through some challenges with the Centre to bring the company to India