Elon Musk sells 934,000 Tesla stocks worth $1.1B

As per the recent financial filings, Tesla founder and Chief Executive Officer (CEO) Elon Musk dumped around $1.1 billion worth of Tesla shares (TSLA).

The filings received by the Securities and Exchange Commission on November 11 confirm the selling of more than 934,000 TSLA worth $1.1 billion.

After gaining more than 180% from these shares in the last one year, Musk has sold the shares at an approximate price of 41,170. The company had sold its stocks two times previously since its listing in Nasdaq in 2010, but the current third transaction is the biggest of them all.

The filings clearly imply Musk’s plans on selling the stocks after his tax obligations from September. As TheCoinRise reported, the Tesla owner posted a poll for his 63 million followers on Twitter, asking whether he should offload 10% of his TSLA holdings. Almost 57.9% of the 3.5 million respondents are in favour of the sale. Elon Musk heard the voice of the Twitter users but sold only 1% instead of 10%. He still holds more than 170 million TSLA shares.

After rolling out the result of the polls, Musk responded, “I do not take a cash salary or bonus from anywhere. I only have stock. Thus the only way for me to pay taxes personally is to sell stock.”

What’s on Elon Musk’s shopping list?

The first-ever sale after 2016 has brought some cash to Elon Musk, after which there has been speculation on what crypto he would buy to bring more digital assets into his portfolio. Twitter user Mr Whale asked his followers about the same.

Michael Saylor, the CEO of MicroStrategy, believes shopping for more Bitcoin would be the first thing Musk will do.

The days following the poll were like a roller coaster for the TSLA stock. It first marked an all-time high at $1,230 on November 4 and then went down by more than 11% from the fresh peak.