Elon Musk sells $1.1Bln in Tesla stock to cover tax obligations

Tesla CEO Elon Musk

© APA | Tesla CEO Elon Musk

# 11 November 2021 07:55 (UTC +04:00)

Tesla CEO Elon Musk has sold $1.1 billion worth of shares to satisfy tax related obligations, following a Twitter poll on whether he should sell off 10 percent of his holdings to pay a proposed “billionaire's tax,” setting off worries that such a sale could hurt Tesla's share price, APA reports citing Sputnik.

According to a regulatory filing from the company late Wednesday, Musk made the sale as he exercised stock options the same day to acquire more than 2 million shares.

Those shares would have been valued at more than $2.3 billion at the market’s close on Wednesday.