Know why Elon Musk sold $1.1 billion of Tesla stock
Elon Musk, known as one the richest man in the world with a net worth of $282 billion. Elon has sold $1.1 billion in Tesla shares to pay tax obligations for stock options after a Twitter poll on Sunday, November 7, 2021.
Elon has sold almost 900,000 shares of the company after putting a poll on Twitter regarding whether he should sell his stocks for 10 per cent or not. The share which Elon wanted to sell out was of electric carmaker’s stock. Although in the previous week, nearly 3.6 million shares in Tesla have been sold out by his trust.
How did Elon Musk sell out his stocks?
Elon wanted to execute this with the opinion of the public so, on Wednesday, November 10, 2021, he conducted a poll on Twitter where he asks the public user whether he should sell out his 10 per cent of stocks or not.
Elon decided to follow the results and he said that he will go with the results of the poll. The poll results ended with 57.9 per cent of yes and 42.1 per cent of no, which means the majority has chosen him to sell out his 10 per cent of stocks.
After the result of the poll, Elon has commented on the poll and wrote that he will abide by the results, regardless of what happens.
On Monday, post the survey, Tesla’s share price dropped which means Elon has sold his 10 per cent of stocks at a much lower price than if he had sold it earlier or maybe before his Twitter poll. Elon loses tens of millions of dollars in unrealized gain.
