Musk Considering Selling 10% of Tesla Shares?…58% Support in Twitter Poll (Summary)

3.51 Million Participate in Twitter Poll
Majority Approval Announced, Musk Says "Will Follow Any Outcome"
25 Trillion Won Cashed Out on Sell-Off... Hopes to Dilute Tax Controversy
Political Circles Demand Billionaire Tax, Claim "Not a Matter for Poll Decision"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Elon Musk, CEO of Tesla, conducted a Twitter poll asking whether he should sell 10% of his Tesla shares to liquidate them, and the majority of respondents voted in favor. The market views that Musk is highly likely to proceed with the stock sale to overcome the controversies surrounding him. U.S. civic groups have raised tax evasion allegations against Musk, who holds most of his wealth in stock form, and discussions on introducing a billionaire tax are gaining momentum in the political arena.

According to Bloomberg on the 7th (local time), a total of 3,519,000 people participated in Musk's Twitter poll asking whether he should sell 10% of his Tesla shares. When asked if they supported the stock sale, 57.9% answered "Yes," significantly surpassing the 42.1% who answered "No."

Immediately after the results were announced, Musk tweeted, "I will abide by whatever the outcome is."

Elon Musk Twitter Poll Screenshot

Currently, there is no taxation mechanism on unrealized gains, and it has been pointed out that Musk, whose wealth is mostly in stock form, is using this to legally avoid taxes. Especially, recent discussions on introducing a billionaire tax in U.S. politics have fueled this controversy.

Additionally, the head of the United Nations (UN) World Food Programme (WFP) requested billionaires, including Musk, to donate their wealth, stating that "6 billion dollars could help solve the global hunger problem." Six billion dollars amounts to about 2% of Musk's current wealth.

In response, Musk retorted, "If WFP can explain how 6 billion dollars would solve world hunger, I will sell Tesla shares immediately."

Musk, known as the world's richest person with assets worth $338 billion (approximately 400 trillion KRW), posted a Twitter poll on the 6th asking whether to sell 10% of his Tesla shares amid the growing controversy over his wealth.

He tweeted, "There has been much discussion recently about unrealized gains being used as a means of tax avoidance. Therefore, I propose selling 10% of my Tesla shares." He added, "I will follow the poll results regardless of the conclusion," emphasizing, "Note that I do not receive any cash salary or bonuses anywhere and only hold stocks, so to pay taxes, I have no choice but to sell shares."

If Musk actually disposes of 10% of his Tesla shares, it would mean selling a volume equivalent to 80% of Tesla's average daily trading volume over the past three months in one go. Through this, Musk is expected to liquidate $21 billion (approximately 25 trillion KRW) in cash.

Experts predict that Musk will proceed with the stock sale to overcome the tax evasion controversy and restore trust.

Dan Ives, an analyst at asset management firm Wedbush Securities, said that if Musk sells the shares as promised, it would "dilute criticism surrounding his wealth and create a positive effect in improving Musk's perception." Conversely, if he does not sell, his credibility and ethics will be damaged.

Meanwhile, the U.S. political sphere has expressed the need to continue discussions on the billionaire tax. Democratic Senator Ron Wyden emphasized, "Whether the world's richest person pays taxes is not a matter to be decided by a Twitter poll," adding, "It is time to introduce a billionaire tax."

On the other hand, Bloomberg reported that the tokenized cryptocurrency 'TSLA,' linked to Tesla shares, plunged 6.8% on the virtual asset exchange FTX that day. This is due to expectations that Tesla's stock price will fall after the New York Stock Exchange opens on the 8th if Musk actually sells shares.

This content was produced with the assistance of AI translation services.