Fun

Elon Musk Lets Twitter Poll Decide if He Should Sell $20 Billion in Tesla Stock — Investors Suggest Buy Bitcoin

News Feed - 2021-11-08 10:11:15

Elon Musk Lets Twitter Poll Decide if He Should Sell $20 Billion in Tesla Stock — Investors Suggest Buy Bitcoin


Tesla and Spacex CEO Elon Musk has asked his Twitter followers whether he should sell his Tesla stock. He has also promised to abide by the results of the poll. Many people urge Musk to sell his Tesla shares and put money into cryptocurrency, particularly bitcoin. Elon Musk Asks Twitter Followers to Decide Whether to Sell His Tesla Shares; Most Said Yes


Tesla CEO Elon Musk set up a poll on Twitter Saturday asking his 62.7 million followers to decide whether he should sell 10% of his Tesla 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?” Musk tweeted.


In a follow-up tweet, he noted that he does “not take a cash salary or bonus from anywhere,” emphasizing, “I only have stock, thus the only way for me to pay taxes personally is to sell stock.” The Tesla boss also promised: I will abide by the results of this poll, whichever way it goes.



Musk’s poll has drawn much media attention. It received more than 3.5 million votes, 57.9% of which said “Yes.” The tweet has been liked 111.5K times and retweeted 22.1K times.


On Friday, Congress passed the $1.2 trillion U.S. Infrastructure bill after chopping down its hotly-debated tax plan on unrealized capital gains aimed at billionaires. That part of the bill has been spun off into a separate $1.9 trillion bill to be voted on later.


The Tesla boss, now the world’s richest man with a net worth of at least $318.4 billion according to Forbes’ list of billionaires, has made several tweets criticizing the bill over the past few weeks.


Many bitcoiners jumped into the poll’s thread to voice their opinions to Musk. A number of people suggested that Musk should use the proceeds from selling his TSLA stock to buy BTC. For example, Microstrategy CEO Michael Saylor suggested: “If the goal is diversification, an alternate strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC. That would deliver diversification, inflation protection, & more upside for all investors in a tax-efficient manner.”


Former Tesla employee Michael Rihani, now working as the crypto product lead at Jack Dorsey’s company Square Inc., tweeted to his old boss: Yes, sell to receive $10B+ USD and buy bitcoin with it. You’ll turn that $10B+ into $100B+ and can use the proceeds to (1) increase the odds of fulfilling the Tesla and Spacex missions and (2) helping even more people and countries.


Some of Musk’s followers are hopeful that the Tesla billionaire will put some money into the meme cryptocurrency dogecoin. Musk, also known as the Dogefather, has long been a supporter of DOGE, calling it “the people’s crypto.” He recently revealed that he personally owns three cryptocurrencies: bitcoin, ether, and dogecoin.


Not everyone was happy about the poll, however. Some were concerned that selling 10% of Musk’s Tesla position will tank the TSLA stock’s price on Monday morning. Others thought it was simply a poor idea to let Twitter users decide what to do with so much wealth.


U.S. Senator Ron Wyden, chair of the Senate Finance Committee who is behind the unrealized gains tax provision, responded to Musk’s poll Saturday evening: Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax.


Last week, Musk offered to sell his Tesla shares if it would solve the world hunger problem. Responding to a comment by the director of the United Nations’ World Food Program (WFP) that 2% of his wealth could solve world hunger, Musk wrote: “If WFP can describe on this Twitter thread exactly how $6B will solve world hunger, I will sell Tesla stock right now and do it.” However, he emphasized: “But it must be open source accounting, so the public sees precisely how the money is spent.”


Musk’s shareholding in Tesla comes to about 170.5 million shares as of June 30. Selling 10% of his stock would amount to about $21 billion based on Tesla’s current stock price.


What do you think of Elon Musk’s Twitter poll? Also, should he use the sale proceeds to buy bitcoin? Let us know in the comments section below. Onecoin’s $18.2M London Penthouse: Trial in Germany Reveals ‘Cryptoqueen’ Ruja Ignatova’s Lavish Lifestyle NEWS | 11 hours ago Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I NEWS | 17 hours ago Tags in this story Elon Musk, elon musk bitcoin, elon musk crypto, elon musk dogecoin, elon musk invests, elon musk sells tesla shares, elon musks tesla shares, tesla shares, tesla stock


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Tackling 7 Myths About Bitcoin for Beginners
Tackling 7 Myths About Bitcoin for Beginners For those long involved in the crypto space, it’s easy to forget just how overwhelming and mystifying the world of bitcoin was
Rakesh Upadhyay5 hours agoWill Bitcoin ‘Uptober’ bring gains for MKR, AAVE, RUNE and INJ?Bitcoin tends to rally in October, possibly opening the door for MKR, AAVE, RUNE, INJ and other altcoins.1589 Total views8 Tota
How to transfer NFTs from OpenSea to MetaMask
Sasha Shilina51 minutes agoHow to transfer NFTs from OpenSea to MetaMaskConnect MetaMask to OpenSea, select your NFT, hit “Transfer” to your MetaMask address, and confirm the fee to move your NFT.67 Total viewsListen
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z Optimism, an L2 (Layer 2) rollup solution for Ethereum, has raised $150 million in its Series B fund
France’s Le Maire Attacks Facebook’s ‘Political’ Ambitions With Libra
France’s economic and finance minister says Libra is “unacceptable,” calling it an intrusion into the state’s political sovereignty. Writing in a Financi
75% of all Bitcoin has been hodled for over 6 months
Martin Young5 hours ago75% of all Bitcoin has been hodled for over 6 monthsDespite Bitcoin dropping 21% from its all-time high, the majority of Bitcoin held in wallets hasn’t been sold or moved for the last six months.
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against th
SEC Names Crypto an Exam Priority This Year
SEC Names Crypto an Exam Priority This Year The Securities and Exchange Commission (SEC) has listed crypto assets as an examination priority for market participants this year. 
NFT Project Tori Zero Announces a Strategic Partnership With Wirex
NFT Project Tori Zero Announces a Strategic Partnership With Wirex press release PRESS RELEASE. On 22 April, Tori Zero announced the strategic partnership with Wirex. The first coll
Biggest Movers: UNI Higher, DOGE in Red on Saturday
Biggest Movers: UNI Higher, DOGE in Red on Saturday Uniswap was in the green to start the weekend, despite cryptocurrency markets mostly consolidating. The token rebounded from los
Bank of England Governor Warns Crypto Is Providing Means of Payment for Criminals
Bank of England Governor Warns Crypto Is Providing Means of Payment for Criminals Bank of England Governor Andrew Bailey has warned that crypto assets are providing another means o
Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’
Visualize Crypto Transaction Privacy Scores With Blockchair"s "Privacy-o-Meter"On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new