Elon Musk sells Tesla stock worth $5bn after promising to abide by Twitter poll – Sky News

Elon Musk has sold shares in his company worth $5bn (£3.73bn) after promising to abide by a Twitter poll.The Tesla chief executive had asked his followers whether he should sell 10% of his holdings and 57.9% of the voters supported the sale. Musk said: “I was prepared to accept either outcome.”The money generated from the sales – disclosed in two regulatory filings late on Wednesday – will cover tax obligations for stock options granted to Musk in September. I will abide by the results of this poll, whichever way it goes— Elon Musk (@elonmusk) November 6, 2021 He exercised options to buy just over 2.1 million shares for $6.24 (£4.66). On Wednesday, the company’s stock closed at $1,067.95 dollars (£796.72) per share. In his first sale since 2016, he sold 3.6 million Tesla shares, worth around $4bn (£2.98bn), and a further 934,000 shares worth $1.1bn (£820m). It equates to around 3% of his total holdings in the electric vehicle manufacturer.The sale follows a proposal by Democrat US senators to tax billionaires’ stocks and other tradeable assets and end a loophole that has allowed them to defer capital gains taxes.After the transactions, Musk – the world’s richest billionaire – still owns…
Read More