Billionaire Elon Musk, on Monday, said he will share 10% of his shares in Tesla after his followers on Twitter voted positively for the same. The electric car-making company’s shares slumped more than 6% at the opening bell. 

Musk had promised that he will sell more than $20 billion worth shares, by most calculations, based on the results of a poll he conducted on Twitter over the weekend. “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?” the world’s richest person said in a Twitter poll launched Saturday. 

Tesla is the most valued car company currently. Much of Musk’s wealth is held in shares in Tesla, which does not pay him a cash salary. “I only have stock, thus the only way for me to pay taxes personally is to sell stock,” Musk tweeted.

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His poll came after several Democrats pushed for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares. It’s a concept called “unrealized gains,” and Musk is sitting on a lot of them with a net worth of roughly $300 billion.

According to analyst Daniel Ives of WedBush Securities, Musk owns about 23% of Tesla’s stock and has about $10 billion in taxes coming due to stock options that vest next summer.

Musk said he would abide by the results of the poll, which ended with 58% of more than 3.5 million votes calling for him to sell the stock.

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he billionaires shareholding in Tesla came to about 170.5 million shares, as of June 30 and 10% will amount to close to $21 billion (roughly Rs. 1,55,480 crores). The figures are based on Friday’s close, as per Reuters.

In the three months to November 4, company insiders at Tesla sold $259.62 million (roughly Rs. 1,922 crore) worth of shares, according to Refinitiv Eikon data.

With inputs from the Associated Press.