Elon Musk Sells Another $1 Billion Worth of Tesla Shares
Elon Musk has offloaded another $1.05 billion worth of Tesla stock this week taking his cash holdings from the sales this month close to $10 billion, CNBC reported. Musk still owns 169 million shares in the company that is currently valued at over a trillion dollars.
Musk has said on multiple occasions that he does not draw a salary at the electric vehicle (EV) making company but receives stocks linked to the performance of the company. Some of the options expire after a set deadline if they are not exercised and Musk has been on a selling spree this month to do this.
Earlier this month, Musk set up a Twitter poll, asking his followers if he should sell Tesla stock and pay taxes. Close to 58 percent of respondents polled 'Yes'. According to the details provided to the U.S. Securities and Exchange Commission, the sale made yesterday was also part of a similar arrangement that was planned as far back as September this year.
With Tesla stock prices touching record highs, Musk has already become the richest person on the planet. Usually, these numbers are just on paper but with Musk selling his stock, this valuation is being realized in real-world terms. Put together, the sales would bring Musk $9.85 billion cash this month, CNBC reported. Musk is expected to pay over 50 percent in taxes.
Will Musk donate to the UN's appeal?
Following the pandemic, the UN World Food Programme appealed for one-time donations from billionaires to save over 42 million people from starvation. Replying to the appeal, Musk asked for details of how the $6 billion the UN planned to raise would be spent. He even promised to sell Tesla stock to fund the cause.
Last week, the UN provided a detailed breakup of the planned expenditure while reiterating its appeal for donations. Musk has been selling Tesla stock this entire month but hasn't so far commented if he will contribute to the cause.