Elon Musk Sold $1.1 Billion USD of Tesla Stock To Pay Taxes, Following Twitter Poll

The poll dropped the company’s stock and wiped $50 billion USD from Musk’s net worth.

Tech 
17,306 Hypes 3 Comments

Following his questionable Twitter poll, Elon Musk has now sold 934,000 shares/$1.1 Billion USD of Tesla Stock to satisfy taxes from options. Last week, the CEO of the electric car manufacturer launched a poll on Twitter, proposing the sale of 10% of his Tesla stock. Receiving 58% of the 3.5 million votes in favor of a sale, Musk exercised 2.15 million options at a price of $6.24 per contract.

Word of the poll made headlines plummeted Tesla’s stock and effectively dropping $50 billion USD from Elon Musk’s net worth. It is interesting to note that the contracts sold were from a stock option award Musk received in 2012 and were set to expire August 2022.

An official filing with the SEC notes the sales were to “solely to satisfy the reporting person’s tax withholding obligations related to the exercise of stock options.” Additionally, the transactions were from a pre-arranged trading plan adopted in mid-September.

In case you missed it, Travis Scott is reportedly facing over 30 lawsuits following the Astroworld tragedy.

Read Full Article

What to Read Next

Elon Musk Asks Twitter If He Should Sell $25 Billion USD Worth of Tesla Stock to Pay Taxes
Tech 

Elon Musk Asks Twitter If He Should Sell $25 Billion USD Worth of Tesla Stock to Pay Taxes

Noting that he will “abide by the results of this poll, whichever way it goes.”

Elon Musk Has Sold Another $1 Billion USD-Worth of Tesla Stock
Tech 

Elon Musk Has Sold Another $1 Billion USD-Worth of Tesla Stock

1.4 million shares away from his goal.

Elon Musk Has Sold About $5 Billion USD of Tesla Stock So Far
Tech 

Elon Musk Has Sold About $5 Billion USD of Tesla Stock So Far

In response to a Twitter poll asking his followers whether he should sell 10% of his stake to pay taxes.


Tesla's Stock Takes a 15% Tumble Following Elon Musk's Tax Sell-Off
Tech 

Tesla's Stock Takes a 15% Tumble Following Elon Musk's Tax Sell-Off

Tesla is still up 42% YTD.

Nas and Miss Info Will Take a Deep Dive Into Hip-Hop History in New Spotify Podcast
Music

Nas and Miss Info Will Take a Deep Dive Into Hip-Hop History in New Spotify Podcast

‘The Bridge: 50 Years of Hip Hop’ will feature guests like Ice Cube, Mary J. Blige, Cordae and more.

Burger King Is Bringing Back its Fan-Favorite Italian Original Chicken Sandwich
Food & Beverage

Burger King Is Bringing Back its Fan-Favorite Italian Original Chicken Sandwich

After seven years.

Louis De Guzman Is Collaborating with BAIT and Astro Boy
Art

Louis De Guzman Is Collaborating with BAIT and Astro Boy

On a limited-edition sculpture, print, clothing and exhibition.

Sotheby’s November Sale Week Is Expected to Garner $1 Billion USD
Art

Sotheby’s November Sale Week Is Expected to Garner $1 Billion USD

The prestigious Macklowe Collection will be one of the many lots hitting market.

Nigel Cabourn and Umbro Release a Military-Inspired Rugby Capsule
Fashion

Nigel Cabourn and Umbro Release a Military-Inspired Rugby Capsule

Featuring a WW2 Ruby Ball remake, retro apparel and suede trainers.


8 Drops You Don't Want to Miss This Week
Fashion 

8 Drops You Don't Want to Miss This Week

Featuring Supreme, CPFM, Jil Sander+ x Arc’teryx, Telfar, Palace and more.

'Squid Game' Content Hits Record 17 Billion Views on YouTube, According to Report
Tech

'Squid Game' Content Hits Record 17 Billion Views on YouTube, According to Report

And 533 million engagements.

Dior Will Host Its Fall ‘22 Show in London
Fashion

Dior Will Host Its Fall ‘22 Show in London

The hometown of menswear artistic director Kim Jones.

Apple Launches Subscription Service for Small Businesses
Tech

Apple Launches Subscription Service for Small Businesses

Available in beta starting today.

Tudor Drops Titanium Pelagos FXD Designed For The French Navy
Watches

Tudor Drops Titanium Pelagos FXD Designed For The French Navy

Tudor has been working with Marine Nationale for 65 years.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.