Elon Musk tweets to ask if he should sell some Tesla shares | Business and economy news

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Some Democrats have pushed billionaires to pay taxes when the price of the shares they hold goes up, even if they don’t sell any shares.

Tesla CEO Elon Musk asks on Twitter if he should sell 10% of his shares in the electric vehicle company due to pressure in Washington to raise taxes on billionaires like him.

Some Democrats have pushed billionaires to pay taxes when the price of the shares 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 around $ 300 billion.

“There has been a lot of talk lately about unrealized gains as a means of tax avoidance, so I propose to sell 10 percent of my Tesla stock,” he tweeted Saturday. “Do you support this?”

At 5:40 pm Eastern Time (10:40 pm GMT), just over two hours after Musk’s initial tweet, 54% said yes out of a total of 876,189 votes.

Much of Musk’s wealth is held in Tesla stock, which does not pay him a cash salary. “I only have shares, so the only way to pay taxes personally is to sell shares,” he tweeted.

Musk, known for his sometimes irreverent tweets, said he “will respect the results of this poll.”

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