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The erratic billionaire polled his Twitter followers, although the sale was already scheduled due to tax obligations.
According to recent financial filings, Tesla CEO Elon Musk has sold more than one billion dollars worth of shares.
The sale of around 934,000 Tesla shares worth around $1.1 billion was confirmed by filings with the Securities and Exchange Commission on Nov. 11.
Musk sold the shares at an average price of $1,170, locking in about 18% price gains over the previous year. It's only Musk's third trade of Tesla stock since the company went public on the Nasdaq in 2010, and it's also his largest.
As per the filings, Musk intended to sell the stock in September to settle his tax obligations. Over the weekend, he polled his 63 million followers if they think he should sell 10% of his Tesla shares. Almost 58 percent of the 3.5 million people said yes. Tesla CEO Elon Musk, on the other hand, has sold less than 1% of his shares and still owns over 170 million shares.
He stated in response to the poll that,“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.”
Tesla stock dropped 16 percent in the days following the poll, nearly falling below $1,000 on November 10. TSLA set an all-time high of $1,230 on November 4 and is currently down about 11% from that high.
In crypto circles, there has been speculation — more like hopium — that he may invest some of that cash in digital assets. Mr. Whale posted the following question to his 357,000 followers:“Which cryptocurrency should he buy to make himself the first-ever trillionaire?”
MicroStrategy CEO Michael Saylor suggested he buy more Bitcoin following the Twitter poll but before the news emerged about this sale:“If the goal is diversification, an alternate strategy to consider is converting the $TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC. That would deliver diversification, inflation protection & more upside for all investors in a tax efficient manner.”
Tesla presently owns 43,200 BTC worth an estimated $2.79 billion at current pricing, according to BitcoinTreasuries.
