Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

Elon Musk Exposed: The Truth Behind the Tweet

  • By Al Mayadeen
  • Source: The New York Times
  • 10 Nov 2021 15:32
3 Min Read

The interesting part of Musk's poll on Twitter is the detail he did not mention to followers...

  • x
  • Multi-billionaire Elon Musk (Archive)
    Multi-billionaire Elon Musk (Archive)

According to The New York Times, Elon Musk's pledge to sell 10% of his Tesla shares could be seen as a selfless philanthropic act if he hadn't been already forced to sell the amount.

Musk tweeted “much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” as he polled his more than 62 million Twitter followers, insisting he would do as voters say.

Tesla stocks fell by almost 5% on Monday.

On Sunday, Musk ended the poll after 3.5 million followers voted, disclosing that he is ready to accept either outcome.

The interesting part of Musk's poll is the detail he did not mention to followers. 

Related News

Forbes-listed Russian billionaire arrested on fraud charges

Norway's richest are leaving the country after slight tax increase

Regardless of the poll, Musk may have been required to sell a significant portion of his stock in the near future. He has roughly 23 million stock options, which were granted to him in 2012. Those options have subsequently been vested and their expiration date is August 2022. Most stock awards allow CEOs to avoid paying taxes for years, if not indefinitely if the shares obtained from converting the option are not sold.

However, according to Brian Foley, an executive compensation analyst, Musk's grant is a "ticking time bomb" due to the structure and size of the grant. Musk would have to pay income taxes if he used the grant, which is now valued at little under $30 billion and his tax burden might exceed $10 billion.  

Foley added, "Offhand I can’t think of any way for him to get around paying the tax.”

Furthermore, Musk may need to sell additional shares than required to meet his tax obligation. He holds 17% of Tesla's stock, which is presently valued at almost $200 billion. That implies that his weekend tweets, representing a promise to sell nearly $20 billion in Tesla stock, might destabilize the company's shares, notably as experts believe it is already overpriced. 

What makes matters worse is how difficult it may be for Musk to back down on his pledge. According to a professor at Duke University law school, “In the securities law, the problem is this could be seen as a misrepresentation that was meant to mislead if another shareholder sold on Musk’s tweet.”

If trouble were to arise for Musk, it would not be the first time, as he was entangled in a lawsuit by the Securities and Exchange Commission in 2018 for reporting a Tesla sale that never occurred. He also won a defamation lawsuit after he referred to a man on Twitter who saved children stuck in a Thailand cave as a "pedo guy."

  • billionaire
  • Elon Musk
  • Twitter
  • elon

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
Russia-Ukraine peace talks resume in Istanbul amid escalating war
Europe

Ukraine, Russia head for Istanbul talks as battles rage, cmdr. resigns

Australia urged to join Macron-led push for Palestinian statehood
Asia Pacific

Australia urged to join Macron-led push for Palestinian statehood

‘Israel’ lost international legitimacy for war on Gaza: Israeli media
Palestine

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

MSF Chief: US-Israeli aid plan in Gaza ‘Dehumanising’
Politics

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS