Elon Musk Offloads $528 Million Of Tesla Shares As He Pushes Toward 10% Stake Sale
Tesla CEO Elon Musk has sold 583,611 shares in his electric vehicle company for $528 million, meaning he is now more than three-quarters of the way to meeting his pledge to sell 10% of his Tesla stake.
Musk has been selling off chunks of Tesla stock since asking his Twitter followers in a November Twitter poll whether he should sell some of his stake in the company. “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?” Musk wrote, causing Tesla shares to drop by 24%.
3.5 million Twitter users voted 57.9% in favour of the move by Musk. He later said he would exercise options toward the end of the year.
According to regulatory filings, the billionaire has now sold around 13.5 million shares for approximately $14.1 billion. However, to fully meet his 10% pledge, Musk still needs to offload some 17 million shares.
According to Forbes, Musk’s net worth currently sits at $245.6 billion.