It began with a Twitter ballot.
And now a billionaire CEO might want to pay his taxes.
On Saturday, Nov. 6, Elon Musk determined to pose a query to social media platform’s customers. Ought to Musk, the co-founder and CEO of the electrical automobile firm Tesla, unload 10 % of his Tesla inventory?
Tweet might have been deleted
(opens in a brand new tab)
Now, this wasn’t simply one other meaningless 24-hour Twitter ballot to gauge public opinion. Musk stated up entrance that there have been penalties to this ballot. The billionaire had promised to “abide by the outcomes of this ballot, whichever manner it goes.”
Now that the ballot has ended 24 hours later, now we have our reply: 57.9% of the greater than three and a half million Twitter customers who voted stated “sure.”
The rationale for the ballot, in accordance with Musk, was in response to a coverage being floated round to “tax unrealized features.” Treasury Secretary Janet Yellen has lately mentioned it and a proposal for such a “Billionaires Revenue Tax” has been launched by Senator Ron Wyden (D-OR).
Musk has publicly opposed plans to tax unrealized features. The proposal would mainly tax very rich individuals on the elevated worth of their inventory holdings, even when they do not promote the property off.
Taxing unrealized features would primarily shut a loophole that billionaires make the most of to keep away from paying revenue taxes. As a substitute of promoting their shares and paying taxes, they accumulate their wealth by borrowing towards their property.
Tweet might have been deleted
(opens in a brand new tab)
Actually, as ProPublica’s Jesse Eisinger notes, Musk confirms this in one of many tweets related to his ballot.
“Word, I don’t take a money wage or bonus from wherever,” Musk tweeted. “I solely have inventory, thus the one manner for me to pay taxes personally is to promote inventory.”
Senator Wyden, the Congressperson behind the Billionaires Revenue Tax proposal is not offered on Musk’s Twitter stunt.
Tweet might have been deleted
(opens in a brand new tab)
“Whether or not or not the world’s wealthiest man pays any taxes in any respect shouldn’t rely upon the outcomes of a Twitter ballot,” the senator tweeted. “It’s time for the Billionaires Revenue Tax.”
And, as The Verge factors out. Musk has floated the concept of promoting a few of his Tesla inventory earlier than as a result of expiring inventory choices. So, whereas Musk may truly comply with by and unload 10 % of his Tesla inventory, the Twitter ballot might not have a lot to do with it.
Nonetheless, what’s fascinating is how Musk posed his query. Whether or not it was intentional or not, the billionaire actually ended up asking if he ought to pay his revenue taxes.
And the Twitter lots responded with a convincing “sure.”
We are going to replace this publish with Elon Musk’s response now that the ballot has ended.
