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Tuesday, December 7, 2021

Tesla Stock Offloads $1.1B

Elon Musk, the CEO of Tesla, has gone ahead and offloaded around $1 billion worth of shares, as reported by recent financial filings. The documents submitted last Thursday to the SEC do confirm the sale of around 934,000 shares of the company which has a worth of around $1.1 billion.

Musk went on to sell the company shares at a price of about $1,170, which locked in close to 180% in gains in prices over the last year. Incidentally, this is also the third time that Musk has gone on to sell the stocks of his company ever since the company went public on the NASDAQ scale back in 2010. 

Musk Sells Off Tesla Stocks

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The filings have also highlighted that Musk has major plans of selling the stocks of Tesla as a part of his tax obligations- which he had decided upon back in September. Over the weekend, he went on to poll his 63 million followers on Twitter, where he asked them if he should sell off 10% of his holdings in the company. Of the 3.5 million responders, around 58% maintained yes. However, the CEO of the company has sold less than 1% of this sale- and currently has ownership of over 170 million shares of the company. 

Elon Musk responded to the poll by maintaining that he didn’t really take any bonus or cash salary from any variables- he owned stocks so the only way for him to pay his taxes personally was by selling the aforementioned stocks. After he put out the polls, the stocks of the company went down by 16% to around $1,000 on Wednesday. On the 4th of November, TSLA had touched its highest peak of $1,230, and now it is down by around 11%. 

According to BitcoinTreasuries, Tesla currently has 43,200 Bitcoin holdings which have a total worth of $2.79 billion at the current price variables.

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