Elon Musk mulling selling 10% of his Tesla stake, makes a proposal on Twitter

Elon Musk holds more than 17 per cent of shares in Tesla amounting to more than $208.37 billion.
By : HT Auto Desk
| Updated on: 07 Nov 2021, 09:27 AM
Tesla CEO Elon Musk is mulling the idea to sell 10 per cent of his holdings in the EV maker. (REUTERS)
Tesla CEO Elon Musk is mulling the idea to sell 10 per cent of his holdings in the EV maker. (REUTERS)
Tesla CEO Elon Musk is mulling the idea to sell 10 per cent of his holdings in the EV maker. (REUTERS)
Tesla CEO Elon Musk is mulling the idea to sell 10 per cent of his holdings in the EV maker.

Tesla CEO Elon Musk on Twitter has asked his followers if he should sell 10 per cent of his Tesla stock. The Tesla boss proposed selling his Tesla stake on the social media platform on Saturday and took a poll of people.

(Also read: Watch: Tesla CEO Elon Musk reveals how the EV giant got its name)

Musk said that he would abide by the results of the poll, whichever way it goes. If Musk sells his 10 per cent stake in Tesla, as he proposed on Twitter, it could value at around $21 billion, considering his holdings of 170.5 million Tesla shares. This could be equivalent to 80 per cent of the average daily trading volume for the EV maker in the last three months. Interestingly, this year, Tesla stocker has surged 74 per cent this year to a record on Thursday.

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Tesla CEO Elon Musk on Twitter has asked his followers if he should sell 10 per cent of his Tesla stock. The Tesla boss proposed selling his Tesla stake on the social media platform on Saturday and took a poll of people.

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(Also read: )

Musk said that he would abide by the results of the poll, whichever way it goes. If Musk sells his 10 per cent stake in Tesla, as he proposed on Twitter, it could value at around $21 billion, considering his holdings of 170.5 million Tesla shares. This could be equivalent to 80 per cent of the average daily trading volume for the EV maker in the last three months. Interestingly, this year, Tesla stocker has surged 74 per cent this year to a record on Thursday.

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“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?" writer Musk in his post. Till writing this story, among 2,161,232 people who voted, 55.1 per cent of people said yes.

Elon Musk owned about 17 per cent of Tesla's outstanding shares as of June 30, currently worth $208.37 billion, as Bloomberg revealed. The entrepreneur was also awarded a large package of stock options and convertible shares as compensation.

Musk's tweet comes as the world’s richest person has been making headlines through the recent discussions of the wealthy businessman hoarding unrealized gains to avoid paying taxes.

Saturday's tweet marks the second time in a week when Elon Musk has discussed selling his Tesla shares. Earlier on Sunday Musk challenged a United National official who said that just a small percentage of the billionaire's wealth could help solve world hunger. In response to that, Musk said that he would sell all his Tesla shares if the World Food Programme could describe the accounting on his Twitter thread.

First Published Date: 07 Nov 2021, 09:27 AM IST
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