Telsa CEO Sells Shares Worth $5 Billion To Cover Tax Bill

Tesla Chief Executive Elon Musk has sold about $5 billion in shares. The sale is part of a pre-arranged trading plan set up in September to cover tax bills. The sale came just days after the Telsa boss polled Twitter users about selling 10% of his stake.

Elon Musk, who is currently the world’s richest person, during the week polled people on Twitter about whether he should sell 10% of his stockholdings in Tesla and said he would abide by their vote. Around 58% of respondents supported a sale.
The world’s richest man is said will be facing a tax bill of more than $15 billion on stock options in the coming months.

In his first share sale since 2016, Musk’s trust sold nearly 3.6 million shares in Tesla, worth around $4 billion, while he also sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares.

Elon Musk agreed to sell some of Telsa’s shares after a poll conducted via Twitter.

The 4.5 million shares equate to about 3% of his total holdings in the electric vehicle manufacturer, which makes up the vast part of his estimated $281.6 billion fortune, according to Forbes.

The stock sank 12% on Tuesday in a multi-day selloff that endangered the company’s position in the $1 trillion clubs but recovered 4.3% on Wednesday.

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