world\u2019s richest man<\/a> with a net worth of around $300 billion, sold 4.5 million shares this week, according to regulatory filings made on Wednesday.<\/p>\nBut they did not suggest the unconventional virtual referendum he issued on Saturday was behind the decision.<\/p>\n
A batch of shares worth $1.1 billion were sold on Monday in a bid to settle tax obligations after Musk exercised stock options, but the sale was initiated under a pre-arranged trading plan set up in September, according to the filings.<\/p>\n
It was not clear if the remaining share sales notified on Tuesday and Wednesday \u2014 around 3.6 million shares worth around $4 billion \u2014 were also planned ahead of the Twitter poll.<\/p>\n
On Saturday Musk tweeted, \u201cMuch is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?\u201d<\/p>\n
\u201cI will abide by the results of this poll, whichever way it goes,\u201d he added in another tweet after he posted the vote to his more than 62 million followers.<\/p>\n
In the poll, almost 58 percent of 3.5 million votes were cast in favor of him proceeding with the sale.<\/p>\n
\u2013 Not ten percent \u2013
\nBut to hit a ten percent sale of his total stake in Tesla, the 50-year-old South African would have to sell millions more shares than he has done so far this week.<\/p>\n
Before the sales, he still owned more than 170 million Tesla shares, about a 17 percent stake in the company, according to the US Securities and Exchange Commission.<\/p>\n
Musk\u2019s wealth has swelled with the recent surge in Tesla\u2019s stock price, from about $130 at the start of 2020 to $1,222.09 last Friday.<\/p>\n
Tesla\u2019s share price plunged on Monday after the weekend poll, hitting his net worth by $50 billion, but the carmaker bounced back on Wednesday, rising more than four percent to close at $1,067.95.<\/p>\n
Musk\u2019s tweets on Saturday followed a proposal by US Congressional Democrats to tax the super wealthy more heavily by targeting stocks, which are usually only taxed when sold.<\/p>\n
The spectacle prompted by Musk\u2019s intervention on a very serious issue \u2014 income equality in the United States and who should pay for social safety net programs \u2014 was not well received by critics.<\/p>\n
\u201cWhether or not the world\u2019s wealthiest man pays any taxes at all shouldn\u2019t depend on the results of a Twitter poll,\u201d tweeted US Senator Ron Wyden.<\/p>\n
\u201cIt\u2019s time for the Billionaires Income Tax,\u201d he added, drawing a personal insult in a reply from Musk.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tesla CEO Elon Musk has offloaded company shares worth $5 billion, days after setting off a Twitter poll \u2014 in which millions voted \u2014 asking whether he should sell 10 percent of his huge stake in the electric carmaker. The zany billionaire, the world\u2019s richest man with a net worth of around $300 billion, sold […]<\/p>\n","protected":false},"author":13,"featured_media":105825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[733,5691,22127,22126],"class_list":["post-105824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-elon-musk","tag-shares","tag-tesla","tag-world-richest-man"],"yoast_head":"\n
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