KANALCOIN NEWS – A few days ago, Elon Musk, CEO of Tesla and Spacex, had tweeted on his Twitter account asking whether he should sells 10% of his Tesla stock or not.
He also added that he promised to comply with the poll results in his account.
Quoted by Kanalcoin.com from News.Bitcoin.com, if Musk sold his 10% stake, this would amount to around $21 billion based on Tesla’s current share price.
“A lot has been made lately of unrealized gains as a means of tax avoidance, so I proposed selling 10% of my Tesla stock. Do you support this?” tweeted the owner of the account with 62.9 million followers.
In a follow-up tweet, he mentions that he doesn’t take cash salaries or bonuses from anywhere and emphasizes that he only owns shares.
So, the only way for him to pay taxes personally was to sell the shares.
Reported by Kanalcoin.com from TheGuardian.com, currently taxes are only payable when profits are realized.
This means holders only pay when they sell shares and when they make a profit.
Therefore, the Democratic Party in the United States congress has introduced a tax that will be paid by billionaires on the annual increase in the value of the shares and shares they own.
It is proposed to address the gap that exists between America’s richest people and everyone else.
Still according to the same report, the Democratic senator from Oregon who chairs the Senate Finance Committee, Ron Wyden, expressed his opinion on Musk’s poll.
“Whether or not the richest person in the world pays taxes should not depend on the results of polls on Twitter,” he said.
According to a News.Bitcoin.com report quoted by Kanalcoin.com, the poll in Musk’s account has attracted a lot of media attention.
In fact, the poll has received more than 3.5 million votes. The result is 57.9% said “Yes” which means agree with Musk’s tweet and the rest voted “No” which means otherwise.
Another proof of great public attention, namely the large number of retweets and likes on Musk’s tweets.
At the time of writing this report, the number of accounts that retweeted the tweet was 25,000 accounts and 140,300 accounts liked the tweet.
Many bitcoiners went to Musk’s poll thread to voice their opinion on him. Some people on the internet suggested Musk use the proceeds from the sale of his TSLA shares to buy BTC.
One of the people who voiced his opinion was Michael Saylor.
He said, “If the goal is diversification, an alternative strategy to consider would be changing the TSLA balance sheet to Bitcoin Standard and buying $35 billion in BTC.”
The CEO of Microstrategy added that it will provide diversification, inflation protection and more benefits for all investors in a tax efficient manner.