Musk intends to sell a chunk of his stocks as the US Senate considers new ways to tax billionaires

November 13, 2021

Elon Musk, known to us as the CEO and founder of Tesla, asked his Twitter followers if he should sell 10% of his Tesla shares and pay taxes on them. The results were quite surprising – those voting in favor outnumbered those voting against. As a result, Tesla’s shares, which are listed as tokenized equities on FTX, a cryptocurrency market, fell 6.8 percent compared to Friday, but have regained 2.70 percent in the previous 24 hours.

Poll on Twitter – Should I Sell My Stocks? 

Musk decided to launch the poll in response to a proposal by US Senate Democrats to begin taxing billionaires’ stocks and other marketable assets, claiming that the politicians were just out of places to collect money. Elon Musk noted that politicians eventually run out of other people’s money, so that’s when they decide to come for you. 

Musk followed through on a vow to sell most of his real properties, save for a few tiny living quarters, earlier this year. The CEO was recently persuaded by the United Nations that merely 2% of his fortune would be sufficient to solve world hunger, to which the businessman answered that he would do so provided the UN could verify that the money would truly lead to that outcome.

Elon Musk’s Relationship With Cryptos

In terms of his cryptocurrency dalliance, Musk’s business poured $1.5 billion into Bitcoin, causing its price to rise. He is the driving force behind Dogecoin’s increasing pricing, however, the Tesla CEO is more pragmatic when it comes to other “meme tokens” like Shiba Inu, which he did not mention on a recent list of his favored tokens. The value of Shiba Inu fell slightly, although only for a short time. Meanwhile, his name has been tied to a fictitious currency, which does not belong to him at all. 

ELON gained 3,780 percent in October alone, although Musk has avoided making frequent references to the currency.

Musk’s name has been connected with frauds, but he has stayed faithful to his purpose of propelling Tesla and SpaceX ahead, even if he is prone to posting half-joking statements about cryptocurrency on occasion.