Edge Lord Elon Musk Tweets Poll Asking if He Should Sell Some Tesla Stock
Posted on 11/08/2021
On November 6, 2021, Tesla Inc CEO Elon Musk tweeted, “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.” Musk faces a tax bill of more than US$ 15 billion in the coming months on stock options. The options expire in August 2022. Yet in order to exercise them, Musk has to pay the income tax on the gain. Musk will be subject to the 13.3% top state income tax rate in California since the options were granted and mostly earned while he was a California tax resident. Combined with federal taxes plus the 3.8% net investment tax, Musk will have a tax rate of 54.1% on his options, which would equate to around US$ 15 billion.
Musk has around 62.7 million Twitter followers.
U.S. Senator Ron Wyden chimed in, “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.”
Musk tweeted back, “Why does ur pp look like u just came?”
Here is a profile picture of Ron Wyden.
