Tesla CEO Elon Musk sold nearly $1 billion shares of stock in his company after unloading almost $10 billion in November, CNBC reported.
Musk, the richest man in the world, according to Forbes, sold 934,091 shares of Tesla stock worth $963.2 million, according to Securities and Exchange Commission financial filings published Thursday, CNBC reported.
Musk also exercised stock options to buy 2.17 million shares of Tesla, according to CNBC.
thinking of quitting my jobs & becoming an influencer full-time wdyt
— Elon Musk (@elonmusk) December 10, 2021
Tesla shares slid 1% in pre-market trading Friday after the sale. Additionally, Musk posted on Twitter that he is “thinking of quitting my jobs & becoming an influencer full-time,” asking for the thoughts of his nearly 66 million followers. (RELATED: Inflation Hits Highest Level In 39 Years)
Musk sold $9.85 billion worth of Tesla stock in November, included $6.9 billion during the week of Nov. 10 and almost $2 billion more on Nov. 15 and 16, CNBC reported.
Musk asked his Twitter followers whether he should sell a large sum of his Tesla holdings on Nov 6. Roughly 3.5 million total users responded, of which 57.9% said yes.
“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 said in the Nov. 6 post.
Musk faces a $15 billion tax bill, the likely reason for his decision to unload Tesla shares, CNBC reported. Musk previously stated at a conference that he was planning on selling stock because his marginal tax rate will be over 50% once his stock options expire.
“I have a bunch of options that are expiring early next year, so … a huge block of options will sell in Q4 — because I have to or they’ll expire,” Musk said, according to CNBC.
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