Elon Musk flogs Tesla shares after letting Twitter decide what to do with them

Elon Musk has sold off a large chunk of his Tesla shares after taking to Twitter to ask followers what he should do with them.

The Tesla CEO has let go of 934,091 shares so far today, according to Street Insider.

Earlier this week the world's richest man asked his followers whether he should sell $25 billion (£18.5 billion) worth of Tesla stock.

The tweet came amid debate online that unrealised gains – profit made on an investment which is yet to be sold – could be a form of tax avoidance.

Musk created a Twitter poll and wrote: "Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?

"I will abide by the results of this poll, whichever way it goes.

"Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock."

After 3,519,252 votes, 57.9% of people were in favour of the sale and 42.1% against it.

Today Musk has kept his promise, at least in part, selling off shares with proceeds of roughly $1.1 billion (£0.82 billion).

According to Yahoo Finance Tesla is worth around $1.22 trillion (£0.9 trillion) with Musk owning just over 20% of its shares.

It is yet to be seen what impact the sale has on Tesla's share price, or if Musk will carrying on offloading stock until he has shed the promised 10% of his holdings.

After the Tweet this week, the business magnate reportedly lost a whopping $50 billion (£37 billion) as share prices tumbled.

As of Monday one Tesla share cost $1184 (£883), now one would cost $1067 (£793) according to Yahoo Finance.

Street Insider reported today that Musk managed to get between $1196 (£892) and $1135 (£846) for his shares.

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