Musk sold Tesla Shares Worth of $1.1 Billion

Tesla CEO Elon Musk has sold more than $1 billion of Tesla shares from his personal investment portfolio.

Musk has sold more than 934,000 Tesla shares for about $1.1 billion, according to documents filed Nov. 11 with the Securities and Exchange Commission. The average price of shares sold was about $ 1,170.

Musk wanted to sell the stock to pay taxes back in September. But over the weekend, he decided to “ask for advice” from his 63 million Twitter followers, asking if he should sell 10% of his Tesla shares.

Of the 3.5 million respondents, 57.9% supported Musk’s intention to sell the shares. But in the end, Musk sold less than 1% of the shares and still owns more than 170 million shares.

In response to a survey, he noted that he does not receive a salary or bonuses, and the sale of shares is the only way to pay taxes.

MicroStrategy CEO Michael Sailor suggested that if diversification is the goal, an alternative strategy might be considered – converting the TSLA’s USD balances to the Bitcoin standard and buying $ 25 billion in Bitcoin.

“This will provide diversification, inflation protection and other benefits for all investors in terms of tax efficiency,” Sailor added.

According to BitcoinTreasuries, Tesla currently owns 43,200 BTC worth about $2.79 billion at current prices.

Post a Comment