July 7, 2022

Tesla Motors, Inc. (NASDAQ: TSLA), Amazon.com, Inc. (NASDAQ: AMZN) – Tesla CEO Elon Musk is proposing to sell a 10% stake in his company, urging his Twitter followers to decide.

Elon Musk sent out a tweet on Saturday in which he proposed to sell his 10% Tesla Inc. (Nasdaq: DSLA) Stock, and asked his followers to vote for his decision.

What happened: Tesla CEO cites plan to tax rich Americans in an attempt to pay for the Social Security Web and climate change policies in the U.S. Senate. The plan would tax billionaires’ unearned gains on the value of liquid assets such as stocks, bonds and cash. Musk responded in a tweet.

10 minutes later Musk followed up with a second tweet explaining why selling his Tesla shares was such a tax-paying method.

At the time of publication, 55.6% supported Musk’s sale of its shares, while 44.4% opposed the idea.

Why this is important: Those with assets of more than $ 1 billion or more than $ 100 million will be taxed for three consecutive years, about 700 in the United States. Those in the group are Kasturi, Meta Platforms Inc (Nasdaq: FB) Founder Mark Zuckerberg, and Amazon.Com Inc (Nasdaq: AMZN) Founder Jeff Bezos.

The law would initially impose a capital gains tax of 23.8 percent on the value addition of billionaires’ business assets.

Related link: Why Paul Crookman accused Elon Musk of being a ‘safe ego’

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