MicroStrategy head Michael Saylor is advising Elon Musk to convert the proceeds from the potential sale of the Tesla CEO’s shares in the electric carmaker into Bitcoin (BTC).
Saylor says Tesla would incur various benefits from buying $25 billion worth of Bitcoin, an obtainable amount from Musk’s probable sale of 10% of his shares in the innovative car company.
“If the goal is diversification, an alternate strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC.
That would deliver diversification, inflation protection, and more upside for all investors in a tax-efficient manner.”
Saylor’s advice comes after Musk polled his Twitter followers on whether he should sell a portion of his equity in Tesla.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?”
In a subsequent tweet, Musk explained that he needed to sell the stock to pay taxes since he receives no other form of remuneration.
“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 over 3.5 million votes, 57.9% of those who participated in the poll voted yes to Musk selling 10% of his Tesla stock while 42.1% voted no. Musk had vowed to “abide by the result of this poll, whichever way it goes” after launching the survey.
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