Elon Musk unloads Tesla shares for over $10 billion

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Elon Musk’s stock sell-off continues.

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The world’s richest man sold 934,000 Tesla shares worth more than $1 billion on Thursday, according to a securities filing.

This brings the total value of shares dumped in the past month to more than $10 billion.

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The sell-off comes after Musk — who is estimated to be worth $284 billion — tweeted in November that he planned to sell 10 percent of his stock in the electric car company.

The sale is part of a plan to potentially cover a larger federal tax bill of about $11 billion by Musk exercising Tesla stock options.

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Tesla’s stock price has fallen 10.7 percent over the past month during Musk’s selling spree. Some investors have said Musk’s sale is putting pressure on the company’s sky-high shares, which are a favorite among retail investors and are still up nearly 50 percent since early 2021.

Musk also said on Thursday that he plans to exercise the allowed options to buy an additional 2.1 million Tesla shares.

Tesla shares have fallen more than 10 percent in the past month.
EPA

As CEO of both Tesla and SpaceX, Mogul has disputed with lawmakers in DC over a proposed tax hike on the wealthy.

In November, when Musk had already sold more than $6 billion in Tesla shares, he mocked Sen. Bernie Sanders on Twitter.

Elon Musk
Musk has scuffled with lawmakers who want to increase taxes on the rich.
AP

“We must demand that the extremely wealthy pay their fair share. Period,” tweeted the Vermont Independent.

“I keep forgetting that you are still alive,” replied the Mughal.

“Do I want to sell more stock, Bernie? Just say the word…” Musk said.

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