(RTTNews) – Elon Musk is expected to sell 10% of Tesla’s shares to pay taxes, a Twitter poll has revealed.
The poll was conducted after Musk, the founder and CEO of the luxury electric vehicle maker, asked his 62.7 million Twitter followers for their opinion on the sale of the stake.
In pre-market activity on the Nasdaq, Tesla shares were down about 5.7% to trade at $ 1,152.13.
In a tweet over the weekend, Musk said, “There’s been a lot of talk lately about unrealized gains as a means of tax evasion, so I’m offering to sell 10% of my Tesla shares.”
Musk has said he will respect the poll results no matter how it turns out. About 58 percent of the 3.52 million survey participants voted in favor of the sale, while 42.1 percent said “no.”
Musk has yet to reveal the final poll result. He owns 170.5 million Tesla shares, a majority of which he owns since the company’s initial public offering in 2010.
Its stake in Tesla was worth $ 208.3 billion with a Friday closing price of $ 1,222.09 per share. At this rate, 10% of Tesla’s shares would be worth $ 20.8 billion.
In addition to his current stake, he has the option to purchase an additional 73.5 million shares.
In a previous tweet, Musk, who is Tesla’s largest shareholder, said, âNote that I don’t take any cash wages or bonuses from anywhere. I only have stocks, so the only way for me is to pay taxes personally is to sell shares. “
He received options in 2012 for 22.8 million shares at an exercise price of $ 6.24 per share as part of a compensation plan. At the current price, the total tax bill on its options would be $ 15 billion.
Meanwhile, he has already pledged 92 million shares to lenders for cash loans. With the proposed sale of stake, Musk could pay off some of those loan obligations, according to reports.
According to the Bloomberg Billionaires Index, Musk, with a total net worth of $ 338 billion, is the richest man on the planet.
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