Elon Musk is about to lose a big chunk of his fortune, assuming he follows through on what he said he'd do ... namely, sell off a ton of stock based on nothing but public consensus.
The Tesla chief entertained a wild concept over the weekend ... the notion that he'd literally unload a crap ton of his company shares -- 10% of it, no less -- if Twitter users deemed it necessary for him to do so ... and then posting a 24-hour poll to that end.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
He wrote, "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?" EM added ... "I will abide by the results of this poll, whichever way it goes."
Welp, the people have spoken ... and as it turns out, they're down for Elon to lower his net worth some -- with nearly 58% of the 3.5 million who voted deciding yes ... he oughta do it.
Elon doesn't appear to have responded to the results just yet ... but if he does, in fact, stay true to his word -- he stands to have at least $25 billion taxed, as that's how much 10% of his portfolio would be as it relates to Tesla stock. Word is ... he's got around 193 million shares, which makes up about $250 billion of his estimated $318 billion total wealth.
The funny part ... even if he unloaded 10% just like that -- and had a significant amount taxed -- he'd still be richer than Jeff Bezos, whose net worth is idling at around $200 bil. So, $25B is almost like chump change to Mr. Musk!
Part of the reason Elon appears to have even considered doing this -- assuming he's serious, that is -- is because there's a lot of chatter, especially on Capitol Hill, about enforcing a wealth tax on the uber-rich ... which would tax their sitting wealth as opposed to their income. Elon notes in explicit terms ... he does not receive a salary or bonuses of any kind.
He says, "Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock."