The Tesla CEO said he’d abide by the results of a recent poll that asked whether he should sell off 10% of his stock in the company to pay taxes.
THIS WEEK, Tesla CEO Elon Musk sold more than 2 million shares of stock in his electric-car maker; after asking his Twitter followers whether he should sell stock to pay his taxes. Nearly 58% of over 3.5 million people who took part in the poll; voted to sell 10% of his stock in the company.
Musk exercised more than 2.15 million stock options on Monday, according to a filing with the Securities and Exchange Commission on Wednesday.
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The common stock shares were sold solely to satisfy the reporting person’s tax withholding obligations related to 2,154,572 shares in the exchange filling reports. Tesla stock closed Wednesday at $1067.95.
Musk said Saturday that he’d honor the results of the poll, which came amid continuing discussions of a “billionaire’s tax.”
“….unrealized gains being a means of tax avoidance; so I propose selling 10% of my Tesla stock,” Musk tweeted, “Do you support this?” Elon Musk, one of the wealthiest people in the world, included a Yes or No poll in the tweet, saying, “I will abide by the results of this poll, whichever way it goes.”
In June, the investigative site ProPublica reported a cache of IRS documents that said that moguls, including Musk; structure their salaries to avoid paying income tax; and have built their wealth into billions while spending almost nothing in federal taxes. Of course, the activity isn’t against the law, but the tax records show how the uber-wealthy minimize taxes.
