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 of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares
- The 50-year-old Tesla Chief Executive reported selling 6.4 million options through Monday, up by nearly 4 million from Friday's $2.6 million
- He Tweeted on Nov. 6 that he would sell 10% of his stock if users of the social media platform approved - when most of them agreed, he followed through
- Musk's financial maneuvers this month have shrunk his prospective tax bill by about $480 million this month, the Wall Street Journal estimates
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.
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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.
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?'