Taxes, not Twitter, are the real reason Elon Musk might sell some Tesla shares
CNN
If and when Elon Musk sells a large chunk of his Tesla shares, it'll probably have relatively little to do with a Twitter poll among his loyal followers — and everything to do with a looming multi-billion-dollar tax bill.
Musk published a Twitter poll over the weekend, noting that because he doesn't receive a cash salary he pays income tax only when he sells shares. And because "much is made lately of unrealized gains being a means of tax avoidance," he asked the Twitterverse if he should sell 10% of his shares. Some 58% of respondents said yes.
The tweet got attention, as many of Musk's social media antics do. But the move is not really about a populist vote.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.