Tesla CEO, Elon Musk has offloaded the one billion dollars worth of shares, according to the recent financial filings.
Moreover, the filings submitted on 11 Nov to the Exchange commissions and filings confirm that Tesla sold out more than 934,000 shares worth around 1.1 Billion.
Musk sold the shares at an average rate of around $1,170 with 180% gains in the prices over the past year. Since Tesla went public on the Nasdaq back in 2010, this is the third time Musk sold the company’s stock and it is his largest transaction.
According to the filings, Musk planned to sell the stock as a part of his tax obligations in September. Further, he polled his 63 million followers on Twitter on the weekend, asking whether to sell 10% of his Tesla holdings. Out of the 3.5 million respondents, 58% almost said Yes. Although, Musk has sold less than 1% in this sale and still holds more than 170 million shares.
Furthermore, in the poll response, he reportedly said:
“ I don’t take the bonus or cash salary from anywhere. I only have the stock, and selling stock is the only way for me to pay my taxes”.
In addition, following the poll, The Stocks of Tesla stock slumped 16% to dip below the 1000$ briefly on the 10th of November. TSLA had hit an all-time high of $1,230 on Nov. 4, and it is currently around 11% down from that peak.
