Home News Elon Musk sells $1.1 billion in Tesla stock

Elon Musk sells $1.1 billion in Tesla stock

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According to current financial reports, Tesla CEO Elon Musk has sold more than $1 billion worth of stock.
The millionaire canvassed his Twitter followers, but the sale was already in the process, effect of tax obligations.

The sale of around 934,000 Tesla shares worth around $1.1 billion was confirmed in filings filed with the US Securities and Exchange Commission on Thursday.
Musk sold the stock at an average price of $1,170, locking in a nearly 180% price increase over the previous year. It’s only Musk’s third sale of Tesla stock since the firm went live on the Nasdaq in 2010, and it’s also his highest.

According to the documents, Musk planned to sell the stock in September to meet his tax liabilities. On the weekend, he asked his 63 million followers if they thought he should sell 10% of his Tesla stock. Almost 58% 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.

“I don’t take a cash income or bonus from anyone,” he said regarding to the survey. I have only stock, thus selling shares is the only method for me to pay taxes personally.”
Tesla stock (TSLA) fell 16% in the days after the survey, momentarily falling below $1,000 on Wednesday. On Nov. 4, TSLA set an all-time high of $1,230, and it is down at the moment roughly 11% from that high.

MicroStrategy CEO Michael Saylor proposed he buy additional Bitcoin (BTC)

In crypto communities, there has been conjecture — or rather, hopium — that he would invest some 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 proposed he buy additional Bitcoin (BTC): “If the goal is diversification, an alternate option to consider is converting the $TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in $BTC.” For all shareholders, this would provide diversification, inflation protection, and more potential in a tax-efficient manner.”

Tesla presently possesses 43,200 bitcoins, valued at $2.79 billion at current pricing, according to BitcoinTreasuries.

Bitcoin retains $65K after Elon Musk sell-off sees BTC pass Tesla market cap

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