Tesla founder and CEO Elon Musk should sell 10% of his stock in the company, according to responses from a Twitter user poll.
Musk on Saturday asked his followers in a Twitter poll whether they supported him selling 10% of his Tesla stock, which in turn generated 57.9% of respondents favoring of his sale of the stock. The value of 10% of Musk’s shares is estimated to be about $25 billion, according to Investopedia.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote on Twitter. “I will abide by the results of this poll, whichever way it goes.”
Musk tweeted that he doesn’t take a cash salary or bonus from anywhere. He wrote the only way he can pay taxes personally is to sell stock.
Musk’s poll received over 3.5 million Twitter responses by about noon Saturday.
“I was prepared to accept either outcome,” Musk wrote on Twitter after the poll closed.
Musk owns over 190 million shares, or over 20% of Tesla’s outstanding stock, which is valued at about $250 billion, according to Investopedia.
Tesla and Hertz Global HTZZ have been negotiating a timeline for delivery of the rental car company’s order for 100,000 electric vehicles, according to a Wall Street Journal report Thursday. Hertz had said that it placed an initial order of 100,000 Tesla cars “by the end of 2022.”
Shares of Tesla on Friday declined 0.4% to $1,216.70 after hours. The stock fell 0.6% in the regular session.