According to both Forbes and Bloomberg’s Billionaires Index, billionaire Elon Musk became the new richest man in the world after earning 36 billion U.S dollars in a single day.
His wealth increased with the recent surge in Tesla’s stock price from about $130 at the start of 2020 to $1,222.09 as of last weekend.
According to financial filings posted this week, the Tesla Chief Executive Officer (CEO) sold $1 billion in stock on Tuesday evening.
That brings it to almost a total of $10 billion in stock offloaded this month. However, he still holds more than 169 million shares in the electric vehicle company.
Before Elon Musk decided to let go of some of his personal holdings,
Musk ran an informal Twitter poll on 6 November, asking his nearly 63 million followers whether or not he should sell 10% of his stake in Tesla to pay taxes, explaining that his earnings as Tesla CEO come in the form of stocks.
His Twitter followers voted “Yes.” Following through on the decision of his followers, he decided to sell $1 billion in stock.
Although Musk had been planning to sell some of his shares for the past few months, it was accelerated by the Twitter poll.
According to Tesla in a new SEC filing, Musk sold about $1.1 billion worth of Tesla stock.
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However, according to a filing with the US Securities and Exchange Commission financial regulator, the selling of shares was put in motion on 14th of September. It means the selling of shares was not triggered by the so-called Twitter survey’s outcome.
Many people believe that the billionaire’s decision was brought about by a proposal by the US Congressional Democrats to tax the super-wealthy more heavily by targeting stocks, which are usually only taxed when sold. Hence Musk decided to sell some of his stocks before the law would be enacted.
Musk wrote on Twitter “Note, I do not take a cash salary or bonus from anywhere.” “…I only have stock, thus the only way for me to pay taxes personally is to sell stock.”
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