Twitter voters urge Elon Musk to sell 10% of his stake in Tesla to pay tax
November 8, 2021, 5:34 am

Twitter voters urge Elon Musk to sell 10% of his stake in Tesla to pay tax

Elon Musk/Facebook page

The BBC reported, voters in a Twitter poll have urged Elon Musk to sell 10% of his stake in Tesla in order to pay tax.

It mentioned that more than 3.5 million Twitter users voted in the poll, launched by Mr Musk on Saturday, with nearly 58% voting in favour of the share sale.

It said that the vote could see him dispose of nearly $21bn (£16bn) of stock in the electric carmaker.

According to the BBC, he has promised to abide by the result, in response to a "billionaires tax" proposed by US Democrats.

But Mr Musk, one of the world's richest men, has yet to comment publicly on the verdict, or how and when he would sell his stake.

Should he go ahead with the sale, it could leave him with a huge tax bill.

Twitter-Twitter screen on mobile/Pixabay

When disposing of large share holdings, some chief executives use so-called "blind" sales programmes, spreading the sale over a long time period to avoid accusations of insider trading.

In an earlier tweet on Saturday, Mr Musk said he took no salary or bonuses from any of his companies - meaning he has no earnings on which to pay income tax.

But he has made billions of dollars through a compensation package, which gives him power to exercise large amounts of stock options when the company meets performance targets and its shares hit certain prices.

Mr Musk has an option, which expires in August next year, to buy 22.86 million Tesla shares at $6.24 each - a fraction of Tesla's closing share price on Friday of $1,222.

Under plans proposed by the Democratic Party in the Senate, billionaires could be taxed on "unrealised gains" when the price of their shares goes up - even if they do not sell any of their stock.

It is thought the proposed tax on capital gains, whether or not assets have been sold, could hit about 700 billionaires in the US. Critics have pointed out that the value of assets do not always go up.

Mr Musk's recent Twitter poll has raised some eyebrows in the world of finance.

"We are witnessing the Twitter masses deciding the outcome of a $25B coin flip," Venture investor Chamath Palihapitiya wrote on Twitter.

"Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll," Berkeley economist Gabriel Zucman tweeted.

Mr Musk is one of the most popular business leaders on Twitter, with nearly 63 million followers.

He regularly uses the platform to share updates from the companies he owns - including SpaceX and Neuralink. He is also known for sharing memes, adding to his popularity among fans.

But some posts have drawn controversy.

Earlier this year he tweeted in response to a claim, made by the head of the UN World Food Programme (WFP), that just 2% of Mr Musk's wealth could help to solve world hunger.

In October, Mr Musk said he would sell $6bn in Tesla stock and donate it to the WFP, provided it could describe "exactly how $6bn will solve world hunger".

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.