Elon Musk’s stock-sale binge continues.
According to regulatory records, the world’s wealthiest man sold 934,000 Tesla shares for more than $1 billion on Thursday. This takes the total value of shares dumped in the last month to more than $10 billion.
The sale comes after Musk, who is estimated to be worth $284 billion, announced in November that he planned to sell 10% of his stake in the electric car firm.
The sales could be part of a scheme to cover a nearly $11 billion federal tax liability prompted by Musk exercising Tesla stock options.
During Musk’s selling frenzy, Tesla’s stock price has dropped 10.7 percent in the last month. Some investors believe Musk’s sales are putting pressure on the company’s sky-high shares, which are popular with individual investors and have risen about 50% since the beginning of 2021.
Musk also stated on Thursday that he intends to execute options that allow him to purchase an extra 2.1 million Tesla shares.
Tesla stock has dropped more than 10% in the last month.
The billionaire, who is the CEO of both Tesla and SpaceX, has clashed with lawmakers in Washington over proposed tax rises on the wealthy.
Musk criticized Sen. Bernie Sanders on Twitter in November, after he had already sold more than $6 billion in Tesla stock.
“We must insist that the ultra-wealthy pay their fair share.” “Plain and simple,” the Vermont independent tweeted.
“I keep forgetting you’re still alive,” the mogul said.
“Would you like me to sell an additional stock, Bernie?” Simply speak the word…” Musk continued.
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