A majority of Twitter users voted in favor of Elon Musk offloading 10% of his Tesla stock to pay tax in a poll.
It concluded on Sunday, Nov. 7, one day after being launched, and the survey revealed 57.9% of around 3.5 million respondents wanted Musk to sell off more than $25 billion worth of his electric car company.
“I was prepared to accept either outcome,” said the currently richest person in the world after leaving online users to decide the fate of his Tesla stake, Reuters reported.
A day earlier, Musk pronounced the bid for the major spending after Sen. Ron Wyden (D-Ore.) introduced a plan to have the wealthiest American individuals pay taxes on “unrealized gains” to finance President Joe Biden’s social spending bill.
“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?” The poll reads, with Musk adding that “I will abide by the results of this poll, whichever way it goes.”
He explained that since he does not receive a cash salary or bonus from this business, the only way to follow the proposal is to sell his stock.
“Eventually, they run out of other people’s money and then they come for you,” Musk derided Wyden’s plan, per Reuters.
The Billionaires Income Tax idea would affect approximately 700 taxpayers who have earned more than $100 million for at least three years in a row or had assets worth more than $1 billion.
As Forbes estimated, Musk’s wealth amounts to $318 billion, and he holds 190 million Tesla shares worth slightly more than $250 billion. If he is to follow up with his promise, the billionaire faces a whopping $21 billion bill tax.
Wyden slammed Musk’s poll late Saturday.
“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax,” the Democrat said.
This had not been the first time Musk has taken a bold bid with his massive wealth to respond to politicians.
Last month, Musk stated he would sell $6 billion in Tesla stock and dedicate the money to the UN World Food Programme (WFP) on the condition that they can prove the amount will solve world hunger. The WFP earlier had claimed that 2% of Musk’s wealth would tackle the humanitarian issue.