Elon Musk Sells off Tesla Stocks for $1.1B
- Elon Musk brings forth more stocks of Tesla for sale.
- Elon Musk terms he’s in need of cash for paying taxes.
- 934,000 Tesla shares sold for $1.1 Billion.
Whomsoever it be, or however rich one may be, there will always be a time when the rich need hot cash and fiat at their disposal. Yes, being rich with assets in digital forms, cryptocurrencies, stocks, real estate, or whatsoever, people need money as cash for sure.
In such terms the billionaire, entrepreneur, the Dogecoin (DOGE) father, and CEO of Tesla, Elon Musk officially sold off some of his shares and stocks of Tesla.
The $1.1 Billion Stock Sales
According to the Securities and Exchange Commission (SEC), Elon Musk has sold the stocks of his electric car manufacturing company, Tesla for a whopping $1.1 Billion. A bit more precise, Elon Musk has sold off 934,000 stocks of Tesla for $1.1 Billion.
In spite of this, Musk has sold each of the stocks for a price of $1,170. This selling price is almost more than 180% gain compared to the previous year.
Also, this is the third time Elon Musk has sold off his shares of Tesla officially. The very first sale was once Tesla got registered on Nasdaq in 2010.
Moreover, Elon Musk utters that he has to get some money in order to pay his taxes. In addition, he reveals that he doesn’t get a separate salary from the company monthly, or a profit share. Therefore he’s left with only the stocks to sell.
Michael Saylor’s Advice
Besides, all this Elon Musk took to Twitter to poll upon what he can decide regarding the stocks sale. However, he finally decided to sell them off and the sale done now is actually around 0.5% to 1% out of the total 10% shares he owns in Tesla. The CEO of MicroStrategy, Michael Saylor replies to Elon’s tweet, terming that it is advisable for him to convert the money from the sale to buy Bitcoin (BTC) and then use this BTC to trade and then pay off the taxes.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
