Elon Musk will sell $24 billion of Tesla stock

Tesla shares
Tesla shares

In 2003, Tesla was established to prove that people need to drive electric vehicles that can be better, quicker, and more fun to drive than gasoline cars. Today, Tesla is producing not only all-electric vehicles but also producing energy and storage goods. Tesla wants to replace fossil fuels with a better zero-emission in the future. Elon Musk is the founder of Tesla. Elon Musk is ready to sell about $24 billion worth of Tesla (TSLA) stock only if his Twitter followers agree to it. He added that it is to address the prosecution that he is not giving taxes.

Many world’s richest people have most of their wealth tied in the form of stocks. While their net worth can vary in billions of dollars every month, that value is not liquid unless they were to sell those stocks otherwise it is known as unrealized gains. Our tax code and economic system are made around the idea that you have not made any money until you trade those stocks.

Recently, the world’s richest man, Elon Musk thanked on the rise in Tesla’s stock price. Tesla’s CEO has claimed against taxing those unrealized gains. But, now, he has taken to Twitter to offer an alternative. He asked that if Twitter followers vote for selling, he will sell 10% of his stake in Tesla, which is going to have to pay taxes on:

The CEO said that he will do as the results of the Twitter poll. After writing, over half a million people suggested on the poll, and ‘Yes’ is winning by a significant edge:

At this time, 10% of Musk’s stake in Tesla is worth about $24 billion that he is going to have to pay taxes on. If Musk went to sell those Tesla stocks, it would have a vital negative influence on the price.