Tesla Chief Executive Officer has sold more than one billion dollars worth of stock after he asked his 63 million followers if they thought he should sell 10% of his Tesla stock
Tesla Stock Worth More Than $1bil Sold
According to recent financial reports, Tesla CEO Elon Musk has sold more than one billion dollars worth of stock.
The sale of around 934,000 Tesla shares worth around $1.1 billion was confirmed by filings with the Securities and Exchange Commission on Nov. 11.
Musk sold the stock at an average price of $1,170, locking in a nearly 180 percent price increase over the previous year. It’s only Musk’s third sale of Tesla stock since the firm went public on the Nasdaq in 2010, and it’s also his largest.
According to the documents, Musk planned to sell the stock in September to meet his tax liabilities. At the weekend, he asked his 63 million followers if they thought he should sell 10% of his Tesla stock.
Almost 58 percent of the 3.5 million responders replied yes. Tesla CEO Elon Musk, on the other hand, has sold less than 1% of his stock in this transaction and still owns more than 170 million shares.
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?
— Elon Musk (@elonmusk) November 6, 2021
“I don’t take a cash income or bonus from anyone,” he said in response to the survey. I only have stock, thus selling shares is the only method for me to pay taxes personally.”
Tesla shares fell 16 percent in the days after the survey, momentarily falling below $1,000 on Nov. 10.
On Nov. 4, TSLA set an all-time high of $1,230, and it is now down roughly 11% from that high.
Bitcoin falls below $67K as Tesla stock plummets and Apple CEO Tim Cook denies crypto intentions. In crypto circles, there has been conjecture — or rather, hope — that he may invest part of that money in digital assets.
“Which cryptocurrency should he buy to become the first-ever trillionaire?” Mr. Whale asked his 357,000 followers. Following the Twitter vote, MicroStrategy CEO Michael Saylor advised he buy more Bitcoin before the news of the sale broke:
“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 & more upside for all investors in a tax efficient manner.”
Tesla presently possesses 43,200 bitcoins, valued at $2.79 billion at current pricing, according to BitcoinTreasuries.
