Elon Musk s about to lose a big chunk of his fortune, assuming he follows through on what he said he’d do … namely, sell off a ton of stock based on nothing but public consensus.
The Tesla chief entertained a wild concept over the weekend … the notion that he’d literally unload a crap ton of his company shares — 10% of it, no less — if Twitter users deemed it necessary for him to do so … and then posting a 24-hour poll to that end.
He wrote, “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?” EM added … “I will abide by the results of this poll, whichever way it goes.”
Welp, the people have spoken … and as it turns out, they’re down for Elon to lower his net worth some — with nearly 58% of the 3.5 million who voted deciding yes … he oughta do it.
Elon doesn’t appear to have responded to the results just yet … but if he does, in fact, stay true to his word — he stands to have at least $25 billion taxed, as that’s how much 10% of his portfolio would be as it relates to Tesla stock. Word is … he’s got around 193 million shares, which makes up about $250 billion of his estimated $318 billion total wealth.
The funny part … even if he unloaded 10% just like that — and had a significant amount taxed — he’d still be richer than Jeff Bezos, whose net worth is idling at around $200 bil. So, $25B is almost like chump change to Mr. Musk!
Part of the reason Elon appears to have even considered doing this — assuming he’s serious, that is — is because there’s a lot of chatter, especially on Capitol Hill, about enforcing a wealth tax on the uber-rich … which would tax their sitting wealth as opposed to their income. Elon notes in explicit terms … he does not receive a salary or bonuses of any kind.
He says, “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”