Tesla share price falls after Elon Musk’s Twitter poll

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Tesla share price falls after Elon Musk’s Twitter poll

Shawdesh desK:

Tesla shares have fallen by 4.9% after Twitter users voted in favour of boss Elon Musk selling 10% of his stake in the carmaker in order to pay tax, BBC reported.

Musk polled his Twitter followers on whether he should sell the shares, and 58% of the 3.5 million accounts that voted said he should.

It could see him dispose of nearly $21bn (£16bn) of stock.

Musk held the poll over the weekend in response to a “billionaires tax” proposed by US Democrats.

Musk – who is one of the world’s richest people – pledged that he would abide by the results of the poll, “whichever way it goes”.

Musk has a large number of stock options which are due to expire next year. In order to exercise them, Musk would have to pay a large tax bill.

As of 30 June, Mr Musk’s shareholding in Tesla came to about 170.5 million shares and selling 10% would amount to close to $21bn based on Friday’s closing prices.