Tesla CEO Elon Musk sells company's shares third time in November

WION Web Team
California, United States Published: Nov 24, 2021, 08:49 PM(IST)

Elon Musk Photograph:( AFP )

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Tesla last month became the latest US tech giant to hit $1 trillion in market value

Tesla CEO Elon Musk has sold his company's share for the third time in November.

According to the United States, securities filings Musk sold 934,091 shares of the electric vehicle maker worth $1.05 billion.

Tesla last month became the latest US tech giant to hit $1 trillion in market value.

Musk's selloff came days after he created a Twitter poll, in which millions voted, asking whether he should sell 10 percent of his huge stake in the company.

Since then, he has sold 9.2 million shares worth $9.9 billion. 

Also read | JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets

Musk has been selling his shares after a proposal by US Congressional Democrats to tax the super-wealthy more heavily by targeting stocks, which are usually only taxed when sold.

Under it, Musk's stock sale will be liable for capital gains tax of at least $1.4 billion. 

As per the Bloomberg Billionaires Index, the 50-year-old South African billionaire is the world's richest man.

(With inputs from agencies)

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