Elon Musk could sell 10% of Tesla stake following Twitter poll

Billionaire Elon Musk could sell 10 per cent of his stake in electric-car manufacturer Tesla, following the results of a Twitter poll.

Mr Musk, one of the world’s richest men, asked his 62.5 million Twitter followers whether he should sell part of his stake – worth $21 billion (€18 billion) – with almost 58 per cent saying he should.

Following the result, the eccentric billionaire said he had been prepared to accept either outcome.

The poll result caused Tesla Inc’s Frankfurt-listed shares to fall about nine per cent on Monday.

Mr Musk’s poll comes in the wake of a move by US Senate Democrats to tax billionaires’ stocks and other tradeable assets to help fund President Joe Biden’s social spending program, and close a loophole that has allowed them to put off paying capital gains taxes indefinitely.

Tesla exceeded a trillion dollars in market capitalisation late in October, becoming the fifth US company to join an elite club that includes Apple, Microsoft, Amazon and Alphabet (Google).

Written by

Matthew Bonanno

Matthew has had a keen interest in current affairs from a young age, and has recently increased his efforts to learn more about economics. He also enjoys cooking, watching football and getting into different sports before quickly losing interest.

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