Elon Musk Sells More Than $1 Billion Worth of Tesla Shares After Twitter Poll Says He Should
Over the past month, Musk has sold more than $10 billion worth of Tesla stock.
According to regulatory filings dated on Thursday, Tesla CEO Elon Musk sold 934,091 shares of the car maker's stock — equating to $1.01 billion. According to Bloomberg, the sales were meant to help Musk offset taxes on the exercise of about 2.1 million options.
At this point, Musk has sold about $10.9 billion worth of Tesla stock since asking if he should in a Nov. 6 Twitter poll.
I will abide by the results of this poll, whichever way it goes— Elon Musk (@elonmusk) November 6, 2021
In the Twitter post, Musk proposed selling 10% of his Tesla stock because "much is made lately of unrealized gains being a means of tax avoidance." After 57.9% of netizens polled approval, the billionaire seems to be making good on his promise to abide by the results of the poll.
It's unclear whether Twitter users actually convinced Musk to sell his shares, as the CEO said he was planning to sell “a huge block” of his options in the fourth quarter at a September conference. Instead, the Twitter poll may have been a way of preventing a huge selloff in Tesla stock.
Nonetheless, Musk still needs to sell about 7 million shares of the company if he wants to sell 10% of his stake.