Elon Musk Allows a Twitter Poll to Determine Whether He Should Sell $20B in Tesla Stock — Investors Suggest Purchasing Bitcoin
Elon Musk, CEO of Tesla and SpaceX, has asked his Twitter followers whether he should sell his Tesla stock. He has also promised to follow the poll’s results. Many people have urged Musk to sell his Tesla stock and invest in cryptocurrency, particularly bitcoin.
Tesla CEO Elon Musk launched a poll on Twitter on Saturday, asking his 62.7 million followers whether he should sell 10% of his Tesla stock. “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?” Musk posted a tweet.
In a subsequent tweet, he stated that he “not take a cash salary or bonus from anywhere” emphasizing that “I only have stock, thus the only way for me to pay taxes personally is to sell stock.” Tesla’s CEO also promised:
I will abide by the results of this poll, whichever way it goes.]
Elon Musk’s poll has received a lot of media attention. It received over 3.5 million votes, with 57.9 percent voting “Yes.” The tweet has received 124K likes and 23.3K retweets.
Congress passed the $1.2 trillion U.S. Infrastructure bill on Friday, after slashing its contentious tax plan on unrealized capital gains aimed at billionaires. That portion of the bill has been separated into a separate $1.9 trillion bill, which will be voted on later.
Many bitcoiners took to the poll’s thread to express their thoughts to Elon Musk. Several people suggested that Musk use the proceeds from the sale of his TSLA stock to purchase BTC. Microstrategy CEO Michael Saylor, for example, suggested that “if the goal is diversification, an alternate strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC.” That would provide diversification, inflation protection, and more upside for all investors while remaining tax-efficient.”
Former Tesla employee Michael Rihani, who now works as the crypto product lead at Square Inc., founded by Jack Dorsey, tweeted to his former boss:
Yes, sell to receive $10B+ USD and buy bitcoin with it. You’ll turn that $10B+ into $100B+ and can use the proceeds to (1) increase the odds of fulfilling the Tesla and Spacex missions and (2) helping even more people and countries.
Some of Elon Musk’s supporters are hoping that the Tesla billionaire will invest in the meme cryptocurrency dogecoin. Musk, also known as the Dogefather, has long supported DOGE, referring to it as “the people’s crypto.” He recently disclosed that he has three cryptocurrencies: bitcoin, ether, and dogecoin.