Elon Musk sells over $10 billion in Tesla shares
Musk sold $1 billion on Thursday alone
December 3, 2021 3:59pm
Updated: December 4, 2021 1:19pm
Elon Musk sold 934,000 shares of Tesla stock on Thursday worth more than $1 billion, bringing his total sales over the past month to more than $10 billion of the electric-car company shares, according to a financial filing.
Elon Musk, the CEO of Tesla and the world’s wealthiest man, decided to sell 10 percent of his Tesla stock in November after polling his Twitter followers on the issue. His followers responded positively to the sale.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
To reach the 10 percent he said in his Twitter poll, Musk has to sell 17 million shares. Musk still owns 169 million shares of Tesla.
A U.S. securities filing claims that Musk has sold his shares to meet tax withholding obligations related to the exercise of stock options. By selling 10 percent of his shares, Musk could remove $2 billion from his taxes, according to Bloomberg.
Musk is worth $284.1 billion. This year alone his net worth increased by $128.1 billion and Tesla shares have increased 54 percent.
