MicroStrategy head Michael Saylor advices Elon Musk to use proceeds from the potential sale of the Tesla CEO’s shares to buy Bitcoin.
Furthermore, Michael Saylor notes Tesla will get benefits from buying $25 billion worth of Bitcoin. Which of course, is obtainable from Musk’s probable sale of 10% of his shares in the innovative car company.
So, Michael Saylor explains
“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.”
Then, Michael Saylor adds.
“That would deliver diversification, inflation protection, and…”
“more upside for all investors in a tax-efficient manner.”
More so, Michael Saylor advice comes on the heels of Musk Twitter polls asking followers on whether selling 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?”
Of course, this prompts Michael Saylor to make the proposal to Elon Musk.
Lastly, Musk explains needing 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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