Page Nav

HIDE

Pages

Classic Header

{fbt_classic_header}

Breaking News:

latest

Elon Musk offloads MORE Tesla shares worth $1.05 billion - bringing total to $9.85 BILLION - after asking Twitter poll if he should sell 10% to pay Biden's tax bill

  Elon Musk sold another 934,091 shares worth about $1.05 billion as the Tesla boss continued to unload stock after complaining about Presid...

 Elon Musk sold another 934,091 shares worth about $1.05 billion as the Tesla boss continued to unload stock after complaining about President Joe Biden's proposed 'billionaire's tax.

Musk, the world's richest man, tweeted on November 6 that he would sell 10 percent of his stock if the majority of his 62.7 million Twitter followers approved. 

When nearly 58 percent of the 3.5 million who voted agreed he should sell, the South African-born mogul began following through.

He has since dumped a total of $9.85 billion in Tesla stock this month, including the $6.9 billion he sold the week of Nov. 10 and another $1.9 billion he sold on Nov. 15 and Nov. 16. 

The most recent sale of 934,091 shares was announced in a stock filing Tuesday night. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options. 

Musk, 50, and his trust still hold more than 169 million shares in the company, according to CNBC. 

Tesla Inc Chief Executive Elon Musk sold another 934,091 shares of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares, U.S. securities filings showed on Tuesday

Tesla Inc Chief Executive Elon Musk sold another 934,091 shares of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares, U.S. securities filings showed on Tuesday

The world's richest person Tweeted on Nov. 6 that he would sell 10 percent of his stock if users of the social media platform approved - when nearly 58 percent of them agreed with the sale, he followed through

The world's richest person Tweeted on Nov. 6 that he would sell 10 percent of his stock if users of the social media platform approved - when nearly 58 percent of them agreed with the sale, he followed through

The week after Musk conducted his Twitter poll, Tesla shares fell more than 15 percent. Shares of Tesla were up about 1% on Wednesday afternoon

The week after Musk conducted his Twitter poll, Tesla shares fell more than 15 percent. Shares of Tesla were up about 1% on Wednesday afternoon

The week after Musk conducted his Twitter poll, TSLA stocks shrunk by 15 percent

The week after Musk conducted his Twitter poll, TSLA stocks shrunk by 15 percent

The week after Musk conducted his Twitter poll, Tesla shares fell more than 15 percent. Shares of Tesla were up about 1% on Wednesday afternoon. 

Rivian Automotive, a new electric car rival for Musk's company, debuted on the stock market that week and its cap market value soared to $100 billion on its first day of trading. 

Musk's financial maneuvers this month have shrunk his prospective tax bill by about $480 million, the Wall Street Journal estimates. The moves put substance behind the mogul's public arguments with lawmakers over tax policy.

Musk, who moved Tesla's headquarters to Austin, Texas, from Silicon Valley last month, has also nearly cut all his ties to California after putting the last of his mansions on the market last month. 

The SpaceX founder made the move to Texas last December - 2,066 miles away from his Bay Area home - after saying the steep housing prices and long commute times in traffic-clogged Northern California was limiting Tesla's growth. 

 In June, Musk announced in a tweet that his primary home 'is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It's kinda awesome though'.

He noted that the Bay Area home was only being used as a rental for events.

Elon Musk has slashed the price of his Bay Area mansion (pictured) located at 891 Crystal Springs Rd in Hillsborough, California, by $5.5million to $31.99million as he struggles to sell the last of his remaining properties after vowing to 'rid himself of all possessions'

Elon Musk has slashed the price of his Bay Area mansion (pictured) located at 891 Crystal Springs Rd in Hillsborough, California, by $5.5million to $31.99million as he struggles to sell the last of his remaining properties after vowing to 'rid himself of all possessions'

Before listing the Bay Area home Musk had gone on a spree the past 13 months, selling six of his properties, as well as one in 2019, for a total of $114million

Before listing the Bay Area home Musk had gone on a spree the past 13 months, selling six of his properties, as well as one in 2019, for a total of $114million

 On May 1, 2020, Musk - who has a net worth of more than $225billion - tweeted in response to overwhelming criticism of his wealth: 'I am selling almost all physical possessions. Will own no house.'

At that point, he owned seven mansions collectively worth over $100million, six of them in the Los Angeles area. Musk reduced the selling price of the most recent property in the Bay Area by $5.5million to $31.99million. 

He announced last month that the company was officially moving its headquarters to Austin - where SpaceX developed its new Starship vehicle and Tesla's new Gigafactory was under construction, according to Bloomberg.

Musk's now-permanent dwelling is near the rocket manufacturing plant and costs less than a base Tesla Model S. It is a 375-square-foot module home made by the company Boxabl.

It's set up like a studio apartment with an open floor plan, including a living area, kitchen, bedroom and adjacent bathroom.  

Musk told podcast host Joe Rogan in May: 'I think possessions kinda weigh you down. And they’re kind of an attack vector. People say, "Hey, billionaire, you got all this stuff." 'Well, now I don’t have the stuff — now what are you gonna do?'

Musk, one of the world's richest men, is living in a tiny prefab house by the company Boxabl on the SpaceX site in Texas, according to reports (Pictured: A Boxabl Casita similar to the one Musk is said to be renting)

Musk, one of the world's richest men, is living in a tiny prefab house by the company Boxabl on the SpaceX site in Texas, according to reports (Pictured: A Boxabl Casita similar to the one Musk is said to be renting)

No comments