Musk on stock selling spree? Tesla CEO sells another $1.2 bn worth shares
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In a latest development, Musk sold 1.2 million shares held by his trust for over $1.2 billion on November 12. It is an addition to the multi-billion dollar list of sales reported this week. Earlier, staying true to his word, Tesla CEO Elon Musk sold 930,000 shares of his company stock worth about $1.1 billion
Tesla Inc Chief Executive Elon Musk seems to be on cloud nine at the moment. After becoming the richest man on Earth, the CEO has gone on a stock selling spree after asking followers about it.
In the latest development, Musk sold 1.2 million shares held by his trust for over $1.2 billion on November 12, the US securities filings showed on Friday. It is an addition to the multi-billion dollar list of sales reported this week.
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Earlier, staying true to his word, Tesla CEO Elon Musk sold 930,000 shares of his company stock worth about $1.1 billion.
This development comes a few days after Musk posted a poll for his Twitter followers asking if he should sell 10 per cent of his stock holdings in the company. He had said that he would “abide by the results of this poll, whichever way it goes.”
The poll came amid pressure in Washington to increase taxes on billionaires. A few Democrats have been wanting to impose a new tax on America’s wealthiest by taxing unrealised capital gains.
“Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock. Do you support this?” he tweeted.
The majority voted in favour of Musk selling 10 per cent of his company's stock. There were nearly 3.5 million votes. While 57.9 per cent said they supported the initiative, 42.1 per cent said they were not in favour of it.
(With inputs from agencies)