Musk sells billions of Tesla stock after Twitter poll

Tesla chief executive Elon Musk has taken off Tesla shares worth around 5 billion dollars (more than 4.3 billion euros). The announcement comes after the billionaire asked Twitter users if he should sell some of his shares in his company. A majority said yes.

Of the 3.5 million Twitter users who voted, 57.9 percent thought Musk should sell. On the stock exchange, Teslas share lost 50 billion dollars as a result. In the meantime, the share has risen by a few percentage points again.

Musk now appears to have commissioned to sell more than a billion worth of shares this week in September. There was another 4 billion dollars on Tuesday and Wednesday. It is unclear how the sale compares to the Twitter poll and whether Musk does indeed intend to continue selling Tesla stock until it reaches the 10 percent suggested.

Democrats proposal

The billionaires question came after a proposal from the Democrats to allow the super-rich to pay more tax. They also want to tax the ownership of shares more heavily.

โ€œTheres been a lot of fuss lately about unrealized profits (paper profits) that are a means to evade tax, so I suggest selling 10 percent of my Tesla stock,โ€ Musk tweeted.

According to Musk, after the expiry of the poll, he will use the proceeds to meet his tax obligations. โ€œI only have stocks, so the only way I can pay tax personally is to sell stocksโ€. Its the first time since 2016 that Musk has been selling Tesla shares.

According to financial news agency Bloomberg, Musks estimated assets amount to around 338 billion dollars (more than 292 billion euros).