After stating over the weekend that he would sell 10% of his stock based on the results of a Twitter poll, Elon Musk sells $1.1 billion Tesla Shares of his electric car firm.
According to paperwork filed on Wednesday, the sale started on September 14. Therefore when Elon Musk sold $1.1 billion Tesla shares, the Twitter poll’s results didn’t prompt it.
According to a filing with the US Securities and Exchange Commission financial regulator, Musk sold around 930,000 shares on Monday.
Musk, the world’s richest man, surveyed his 62 million Twitter followers on Saturday. It was on whether he should sell 10% of his Tesla stock. Thereby, saying that he would follow the votes. “Yes” was the popular vote.
The EV maker’s question came in response to a proposal by US Congressional Democrats to raise taxes on the ultra-affluent by targeting stocks. They are generally only taxed when sold.
Tesla’s stock price plummeted after the poll. Then, resulting in the 50-year-old entrepreneur selling his stock at a substantially lower price than if he had sold it before to his tweet. It then resulted in a loss of tens of millions of dollars in unrealized profit.
According to SEC data, Musk still owns more than 170 million Tesla shares, valued at $183 billion at Wednesday’s closing price.
Tesla’s creator exercised 2.15 million stock options on Monday. He was purchasing the stocks for $6.24 apiece, or less than 1% of the current value.