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Tuesday, November 30, 2021

Elon Musk Tesla price falls after conducting Twitter poll

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Elon Musk company Tesla witnessed a fall of $60 billion market value on Monday. The Tesla founder and SpaceX chief asked his followers whether he should sell 10 percent of Tesla stock. Also Read – McAfee sold to consortium led by Advent International for $14 bn

Musk polled his Twitter followers on whether he should sell the shares, and while 57.9 per cent of more than 3.5 million participants had voted “yes,” 42.1 per cent voted “no”. Also Read – 77 percent of Indian organizations experienced unexpected downtime due to Covid-19

The result could see him dispose of nearly $21 billion of stock, the BBC reported. Also Read – How to check PF balance on mobile without internet

Musk held the poll over the weekend in response to a “billionaires tax” proposed by US Democrats. He pledged that he would abide by the results of the poll, “whichever way it goes”.

The Democrats had proposed plans to target billionaires by taxing their assets, such as shares.

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

The CEO, who currently owns a 23 per cent stake in Tesla, has yet to comment publicly on the Twitter poll result.

Musk said on Twitter he takes no salary or bonuses from any of his companies, meaning he has no earnings on which to pay income tax, the report said.

(Inputs from IANS)

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