TESLA CEO MUSK SELLS ANOTHER $1.2 BN WORTH SHARES

Sat 13 November 2021:

Elon Musk, the CEO of Tesla Inc, appears to be on cloud nine right now. After consulting his followers about it, the CEO went on a stock selling binge after becoming the world’s richest man.

According to US securities filings released on Friday, Musk sold 1.2 million shares held by his trust for over $1.2 billion on November 12. It’s the latest in a long line of multibillion-dollar sales announced this week.

Tesla CEO Elon Musk had previously kept his word and sold 930,000 shares of his business stock for $1.1 billion.

This comes only days after Musk polled his Twitter followers on whether he should sell 10% of his firm stock. He stated that he would “abide by the results of this poll, whichever way it goes.”

The poll came amid pressure in Washington to increase taxes on billionaires. A few Democrats have been wanting to impose a new tax on America’s wealthiest by taxing unrealised capital gains.

“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock. Do you support this?” he tweeted.

Musk’s proposal to sell 10% of his company’s stock received overwhelming support. Nearly 3.5 million people voted. While 57.9% of respondents indicated they supported the idea, 42.1 percent said they did not.

Musk’s sales so far amount to just over 3% of his stake in Tesla. He still owns about 167.5 million shares, or just under 17% of the company, according to the SEC filings and data provider FactSet.

_____________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

TWITTER (CLICK HERE)
https://twitter.com/IpIndependent