Tesla founder Elon Musk sold more than 3.5 million shares of his company in a series of trades executed this week after he asked his Twitter followers whether he should sell a large portion of his holdings.
The 3.5 million shares Musk sold were worth about $4 billion and were not preplanned. Musk is also separately selling another 934,000 shares worth more than $1 billion, although those were preplanned.
Musk made a splash on Twitter over the weekend when he polled his Twitter followers to decide if he should offload a massive amount of stock in light of Democratic Sen. Ron Wyden's push to tax the unrealized capital gains of billionaires.
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“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 asked. “I will abide by the results of this poll, whichever way it goes.”
Of the 3.5 million accounts that responded to the poll, 58% said Musk should sell.
Wyden used the poll to raise awareness for his tax proposal and responded that “whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” which prompted Musk to hit back with a crude reference to Wyden’s appearance.
Musk owned some 17% of Tesla’s shares, plus about $92 billion worth of stock options, prior to this week’s trades.
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Tesla’s stock shed 6% of its value upon the stock markets opening on Monday after the poll and Twitter spat.