Tesla CEO Elon Musk has lost more than $ 1 billion in stock, recent financial documents show.
Documents filed Nov. 11 with the Securities and Exchange Commission confirm the sale of more than 934,000 Tesla shares valued at approximately $ 1.1 billion.
Musk sold the shares at an average price of about $ 1,170, making price gains of nearly 180% over the past year. This is only the third time Musk has sold shares in the company since Tesla went public on the Nasdaq in 2010, and it is the largest transaction he has ever made, according to the European Commission report. cointelegraph.com
Records show Musk planned to sell the shares as part of his tax obligations starting in September. He polled his 63 million followers over the weekend and asked if he should sell 10% of his Tesla stock. Of the 3.5 million people surveyed, almost 58% answered yes. However, the Tesla CEO sold less than 1% of that sale and still owns more than 170 million shares.
In response to the query, he clarified: “I do not accept a cash salary or a bonus that comes out of nowhere. I only own stocks, so the only way to pay taxes personally is by selling stocks. “
In the days following the investigation, Tesla shares fell 16% to briefly below the $ 1,000 mark on November 10. TSLA hit an all-time high of $ 1,230 on Nov. 4 and is currently down about 11% from that peak.
Crypto circles have speculated that it could invest some of that money in digital assets. Whale asked his 357,000 followers: “What cryptocurrency do I need to buy to become the first billionaire?” “
MicroStrategy CEO Michael Saylor suggested buying more bitcoin after the Twitter poll, but before news of the sale emerged:
“If diversification is the goal, an alternative strategy to consider is to convert the TSLA USD balance to a bitcoin standard and buy $ 25 billion worth of BTC USD. This would ensure diversification, protection against inflation and a further increase for all investors in a fiscally efficient manner. “
According to BitcoinTreasures, Tesla currently holds 43,200 BTC worth around US $ 2.79 billion at current prices.
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