The eccentric billionaire polled his Twitter followers, but intended to sell due to tax obligations. Tesla CEO Elon Musk sold more than $ 1 billion in shares there, according to reports. recent financial documents. Confirming the sale of over 934,000 Tesla shares valued at approximately $ 1.1 billion.
Musk sold these shares for an average of around $ 1,170, closing a price gain of nearly 180% over the past year.This is only the third time Musk has sold shares in the company since Tesla went public on the Nasdaq in 2010, and it was his biggest deal yet.
His 63 million followers this weekend asked if he should sell his 10% Tesla shares. Of the 3.5 million respondents, nearly 58% answered yes. However, the CEO of Tesla sold less than 1% of the sale and still owns over 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
In the survey, he noted, “I don’t get a salary or cash bonus from anyone. I only have stocks. So the only way for me to pay my taxes personally is to sell the stock.
In the days following the poll, Tesla (TSLA) stock fell 16% to less than $ 1,000 shortly on Wednesday. TSLA hit an all-time high of $ 1,230 in November.4, and it’s now down about 11% from that peak.
There have been rumors – indeed of hopium – in crypto circles that it might invest some of that money in digital assets. He bought it to become the first billionaire? “TSLA dollar balance sheet to Bitcoin Standard and $ 25 billion BTC purchase. This would provide diversification, inflation protection and more benefits for all investors in a tax-efficient manner. ”
According to BitcoinTreasaries, Tesla currently holds 43,200 BTC worth an estimated $ 2.79 billion at current prices.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.