Elon Musk moots sale of 10% of Tesla stocks

Over the weekend, Tesla CEO and founder Elon Musk asked his legion of Twitter followers whether he should sell 10% of the stock he owns in Tesla and pay tax on it.

The answer came in early on Sunday with the votes for outstripping those against. Following the Twitter poll, Tesla’s shares, listed in the form of tokenized stocks on FTX, a cryptocurrency exchange, registered a 6.8% dip compared to Friday, but have recovered over the past 24 hours by 2.70%.

Musk decided to initiate the poll following a proposal by US Senate Democrats to start taxing billionaire’s stocks and other tradable assets, explaining that the legislators were just running out of places to get money from. “Eventually, they run out of other people’s money and then they come for you”, he added.

Earlier this year, Musk acted on a promise to sell most of his real estate, except for small living quarters. The CEO was recently urged by the United Nation that only 2% of his wealth would be enough to end world hunger, to which the entrepreneur responded that he would do it if the UN could prove that the money would indeed lead to that.

As to his flirtation with crypto, Musk’s company injected $1.5bn into Bitcoin, sending its price up. He has been the man behind Dogecoin’s skyrocketing prices, although the Tesla boss shows more pragmatism when it comes to other “meme tokens” such as Shiba Inu, which he didn’t include on a recent list of his preferred tokens.

Understandably, Shiba Inu’s value dropped a little but not for long. In the meantime, his name has been linked to a namesake currency of which he isn’t an owner.

ELON managed to gain a 3,780% in October alone, but Musk has refused to make many mentions of the currency.

His name has often been associated with scams, but Musk has remained true to his mission of pushing Tesla and Space X forward, even if he is prone to tweeting half-joking messages about crypto on occasion.

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Updated: 11/08/2021 — 15:00