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Elon Musk Sold Another $1 Billion Worth Of Tesla Shares

Elon Musk’s latest round of Tesla stock sales has brought total sales to 10 million shares worth around $10.9 billion in the last four weeks, as the EV manufacturer’s CEO tries to offset taxes on the exercise of options to buy 2.1 million shares.

According to regulatory filings cited by Bloomberg, Musk sold another 934,000 Tesla shares worth about $1.01 billion just this week. The total number of shares sold since early November has now reached 10 million.

Musk said in early November that if his Twitter followers approved, he would sell 10% of his Tesla stock.

Tesla’s CEO took to Twitter to ask his followers if they thought he should sell 10% of his Tesla stock. Yes, according to the poll.

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“Given the recent emphasis on unrealized gains as a means of tax avoidance, I propose selling 10% of my Tesla stock. “Do you agree with this?” On November 6, Musk sent out a tweet.

According to the poll, 57.9% of respondents were in favour of the move, while 42.1 percent were opposed. A ten percent stake in Tesla would be worth $21 billion.

To reach that 10%, Musk would have to sell another 7 million shares on top of the 10 million Tesla shares he has already sold.

According to Bloomberg News, if Tesla’s CEO sells 10% of his company’s stock, he could save more than $2 billion in taxes after relocating to Texas from California. Individuals in Texas are not subject to a state income tax or a capital gains tax, unlike California, which has the highest income taxes in the country.

Tesla’s stock has dropped 10% since Musk first announced he would sell 10% of his stake in the company in early November, falling from $1,222 the day before the Twitter poll to $1,084 at Thursday’s close.

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