After days of tension over whether Elon Musk would comply with the results of a Twitter poll he conducted over the weekend, Tesla’s CEO has finally released the huge shares of his electric vehicle company. declarations to the Securities and Exchange Commission show.
The rise of personal value of billionaires in the United States was a hot topic of discussion, especially in a year when millions of Americans lost their jobs. Elon Musk, whose electric car maker Tesla beat the odds in an economically slow year, is making the most of it by adding more than $ 130 billion to his personal wealth in the form of shares in Tesla. US lawmakers want to introduce a new law that would tax such an increase in personal value. But in a preventive move, Musk asked his 62.5 million followers on Twitter if he has to sell his shares to Tesla to pay taxes, in accordance with current US law.
As a majority of respondents voted yes, Wall Street expected mass sales of Tesla shares and answers with falling Tesla shares. After seeing his fortune rise for many days, Musk lost $ 50 billion in just two days. Reported time.
Putting an end to tensions, Musk finally sold more than 3.5 million shares worth more than $ 5 billion on Tuesday and Wednesday. CNBC reported. Current and former Tesla board members, including Elon’s brother Kimball Musk, were among others who sold millions of dollars worth of Tesla shares, especially before Elon’s public tweet, when stock prices were at their highest. values for all times.
From SEC documents released so far, CNBC also noted that Musk planned to sell the shares to meet his tax obligations by September this year. The bloc consists of 930,000 shares worth $ 1.1 billion. However, the recent sale of more than $ 3.5 million was not part of the planned sale. And yet, taken together, Musk is still not close to the 10 percent stake he promised to sell through the Twitter post, On the edge reported.
Unlike other cases where Musk declares what he does on Twitter, this time Musk has not yet added to the poll thread. Under U.S. law, Musk will now have to pay a tax of just over 50 percent on the profits from this sale. Interestingly, this will change Musk’s status from poor to rich. This time the money will actually be in the account, not just on Wall Street.
Is that what Musk wants? Only time will tell…