Elon Musk dumps $ 1.1 billion in Tesla shares

Tesla CEO Elon Musk has offloaded more than $ 1 billion in shares according to recent financial documents.

Deposits submitted Nov. 11 to the Securities and Exchange Commission confirm the sale of more than 934,000 Tesla shares valued at approximately $ 1.1 billion.

Musk sold the shares at an average price of around $ 1,170, locking in nearly 180% of the price gains over the past year. This is only the third time Musk has sold stock in the company since Tesla went public on the Nasdaq in 2010, and it’s his biggest deal.

The documents show Musk planned to sell the shares as part of his tax obligations in September. He surveyed its 63 million followers on the weekend, asking him if he should sell 10% of his holdings in Tesla. Of the 3.5 million respondents, almost 58% said yes. However, the CEO of Tesla sold less than 1% in that sale and still owns more than 170 million shares.

In response to the poll, he noted, “I don’t take any cash pay or bonuses from anywhere. I only have stocks, so the only way I can personally pay taxes is to sell stocks.

In the days following the poll, Tesla stock fell 16% to briefly below $ 1,000 on November 10. TSLA hit an all-time high of $ 1,230 on November 4 and is currently about 11% below that high.

Related: Bitcoin Plunges Below $ 67,000 As Tesla Shares Drop Combines With Apple CEO Denial Of Crypto Plans

There has been speculation – hopium really – in crypto circles that he might put some of that money into digital assets. Mr. Whale demand his 357,000 followers: “What cryptocurrency must he buy to become the very first trillionaire?”

Michael Saylor, CEO of MicroStrategy suggested he buys more Bitcoin following the Twitter poll but before the news of this sale comes out:

“If the goal is diversification, another strategy to consider is to convert the balance sheet to $ TSLA in Bitcoin Standard and buy $ 25 billion in BTC. This would provide diversification, inflation protection and more benefits for all investors in a tax-efficient manner. “

According to BitcoinTreasures, Tesla currently holds 43,200 BTC worth an estimated $ 2.79 billion at current prices.

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