- Advertisement -

Musk offloads Tesla shares worth $1.1bn after Twitter poll troll

- Advertisement -

San Francisco, Nov 11 (IANS) Elon Musk has offloaded Tesla shares worth $1.1 billion, after he was trolled on Twitter for a controversial poll last weekend where he proposed selling 10 per cent of his stock in the electric car-maker.

The new US Securities and Exchange Commission (SEC) filings show that Musk has sold 934,091 of over two million shares of the automaker.

- Advertisement -

At the company’s current valuation, the shares he sold are worth about $1.1 billion, reports The Verge.

Clearly, two of the costliest tweets in the history of Global Inc – and who else but Elon Musk, the world’s richest man, to have bunged them in.

- Advertisement -

In a tweet announcing the poll, he had said: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10 per cent of my Tesla stock.

“I will abide by the results of this poll, whichever way it goes.”

- Advertisement -

Nearly 58 per cent of Elon Musk’s followers who participated in his Twitter poll told him to sell 10 per cent of his stock (worth $24 billion) in the electric car company, ostensibly to pay more tax.

Musk posted: “Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”

The bloodbath that followed sunk Tesla stock by $200 billion (market capitalisation was $1,211 billion on November 5 end of day and $1,023 bn on Tuesday).

Musk’s own net worth took a $50 billion beating.

He has been a vocal critic of a proposal to tax unrealised gains on publicly traded assets in the US.

–IANS

na/ksk/

- Advertisement -
RELATED ARTICLES
- Advertisment -

Related Posts

- Advertisement -