Tesla shares have fallen after Elon Musk promised to abide by the results of a Twitter poll in which he asked followers if he should sell 10% of his stock.
Musk invited his 62.8 million followers to vote in the poll on Saturday (November 6).
“Much is made lately of unrealized gains being a means of tax avoidance,” read the post. “So I propose selling 10% of my Tesla stock. Do you support this?”
“I will abide by the results of this poll,” he promised. “Whichever way it goes.”
I will abide by the results of this poll, whichever way it goes
— Lorde Edge (@elonmusk) November 6, 2021
The final result, which tallied together over 3.5 million votes, showed that 57% of people picked ‘Yes’.
The poll came in response to recent proposals by US Democrats seeking to tax billionaires through stocks. They hope to remove a perceived loophole that allows some of the wealthiest Americans to avoid paying taxes.
Musk’s 10% shares are valued at approximately $21 billion, though if or how he intends to go ahead with the sale is yet to be determined. Were he to renege on his promise to sell, Musk might invite the scrutiny of regulators for dramatically affecting the share price.
According to the Financial Times, Tesla’s stock fell by over 5% during pre-market trading today (November 8).
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