Elon Musk Sells More Shares Worth $1 Billion

Tesla Chief Executive Officer (CEO) Elon Musk sold another 934,091 shares valued at $1.05 billion. This came after the decision to exercise options to buy 2.15 million shares.

Musk, who is the world’s richest man, tweeted on November 6 that he would sell 10 percent of his Tesla stock if the majority of those following him on Twitter approved.

About 58% of the 3.5 million followers approved of the plan, and the South African born billionaire started to follow through. In this month alone, he has dumped a total of $9.85 billion inside Tesla stock, including the $6.9 billion he sold around the week of November 10, and the $1.9 billion he sold around November 15 and November 16.

This sale of just over 934,000 shares was announced at a stock filing on Tuesday night. Some of the shares were however sold partly to fulfill tax obligations which are related to an exercise of stock options.

According to a CNBC report, Elon Musk and his trust still hold well above 169 million shares in the electric vehicle maker.

In the week that followed the famous Elon Musk Twitter poll, Tesla shares fell by over 15%. On Wednesday, Tesla shares went up about 1%.

That week, a new electric car rival for Tesla, Rivian Automotive made its debut on the stock market and had its cap market value flying to $100 billion just on the first day of trading.

The Wall Street Journal calculates that Elon Musk’s financial movements have reduced his prospective tax bill by around $480 million. These financial movements back the world’s richest man’s public arguments with American lawmakers concerning tax policy.

Musk only recently announced that Tesla’s headquarters has been moved from Silicon Valley in California to Austin Texas. The billionaire has also almost cut all existing ties with California, as he put the last remaining mansion of his on the market last month.