Elon Musk drops $ 1.1 billion in Tesla shares

Tesla CEO Elon Musk has unloaded more than $ 1 billion worth of shares, according to recent economic records.

Submissions filed Nov. 11 to the Securities and Exchange Commission confirm the sale of more than 934,000 Tesla shares worth about $ 1.1 billion.

Musk sold the shares at an average price of around 1170 dollars, and locked in almost 180% in price gains over the past year. This is only the third time Musk has sold the company’s shares since Tesla was listed on Nasdaq in 2010, and it is his largest transaction.

The registrations show that Musk planned to sell the share as part of the tax liabilities back in September. He asked his 63 million followers over the weekend, and asked if he should sell 1[ads1]0% of the Tesla holdings. Of the 3.5 million respondents, almost 58% said yes. However, the Tesla CEO has sold less than 1% of these sales and still has more than 170 million shares.

In response to the poll, he noted, “I do not take cash or bonuses from anywhere. I only have shares, so the only way for me to pay taxes personally is to sell shares.”

In the days after the vote, Tesla shares fell 16% to less than $ 1,000 shortly on November 10. TSLA had reached a record high of $ 1230 on November 4, and it is currently around 11% down from that peak.

Related: Bitcoin falls below $ 67,000 as Tesla stock decline combined with Apple boss denies cryptocurrencies

There has been speculation – actually hopium – in cryptocurrencies that he could put some of the money into digital assets. Mr. Whale asked his 357,000 followers: “What cryptocurrency should he buy to make himself the first trillionaire ever?”

MicroStrategy CEO Michael Saylor suggested he bought more Bitcoin after the Twitter poll, but before the news of this sale appeared:

“If the goal is diversification, an alternative strategy is to consider converting the $ TSLA balance sheet to a Bitcoin standard and buying $ 25 billion in $ BTC. It will provide diversification, inflation protection and more upside for all investors in a tax-efficient way.”

According to BitcoinTreasuries, Tesla currently has 43,200 BTC worth an estimated $ 2.79 billion at current prices.

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