• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 15, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Elon Musk offloads $528 million of Tesla shares as 10% stake unwinds

by Aashish Sehrawat
December 22, 2021
in Business
Reading Time: 2 mins read
0
Elon Musk on SpaceX landing 100th Falcon 9 Rocket: ‘hard to believe’

Image:CNN

TwitterWhatsappLinkedin
Image:CNN

Elon Musk, Tesla’s CEO, sold 583,611 more shares for $528 million, bringing him closer to fulfilling a vow he made to sell 10% of his ownership in the electric vehicle pioneer in response to allegations that he isn’t paying enough taxes.

You might also like

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

According to regulatory filings, Mr Musk, who has a net worth of $245 billion according to the Bloomberg Billionaires Index as of Wednesday, has sold around 13.5 million shares worth around $14.1 billion.

He’s almost three-quarters of the way through his pledge and will need to sell about 17 million more shares to finish it, provided no exercisable options are included.

Mr Musk previously sold 934,091 Tesla shares worth approximately $906.5 million. However, the decision cost the automaker its $1 trillion market capitalization status, the first time it had fallen below it since October 25.

Tesla’s market capitalization is around $917 billion as of Wednesday morning.

After a few days’ vacation, Mr Musk sold 934,091 shares for $1.05 billion on November 24, while also exercising 2.15 million stock options.

After conducting a Twitter poll among his more than 67.2 million followers on whether he should sell some of his interest in Tesla, the billionaire has been selling his shares.

Mr Musk initially announced his intention to sell shares in September at the 2021 Code Conference. According to documents, he established a pre-arranged trading plan in the same month to carry out “an orderly sale of shares related to the exercise of stock options.” The existence of that strategy was not revealed in the Twitter poll.

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021

His stock sale coincides with his opposition to the Democratic Party’s “billionaires’ tax,” which seeks contributions from America’s wealthiest by taxing their “tradable assets.” The proposed levy is expected to aid in the funding of US Vice President Joe Biden’s ambitious social policy and climate change legislation.

Mr Musk drew the wrath of US Senator Elizabeth Warren last week, who tweeted that he should pay taxes rather than “freeloading off everyone else.” Mr Musk responded by stating that he “will pay more taxes this year than any other American in history.”

He announced on Monday that he will pay $11 billion in taxes in 2021.

Mr Musk, a frequent tweeter whose tweets are infamous for moving cryptocurrency share prices and do not always amuse authorities, even found time to jest about “quitting my jobs” in the midst of his stock sale frenzy.

thinking of quitting my jobs & becoming an influencer full-time wdyt

— Elon Musk (@elonmusk) December 10, 2021

On December 13, Time magazine named Mr Musk their Person of the Year.

Despite a global semiconductor scarcity and supply chain problems, Tesla reported its highest quarterly net profit in its fiscal third quarter, driven by a record number of deliveries.

Profit increased by 389 percent to $1.6 billion, about $1.3 billion more than the same period last year. It was the company’s ninth consecutive profitable quarter and the second consecutive three-month period with a profit of more than $1 billion. Revenue increased by 57 percent to roughly $13.8 billion, beating analysts’ estimates for the fourth year in a row.

Tags: ElonMuskTesla
Tweet54SendShare15
Previous Post

Elon Musk on SpaceX landing 100th Falcon 9 Rocket: ‘hard to believe’

Next Post

Google CEO addresses employee concerns about loss of ‘candor, honesty, humility and frankness’ by execs

Aashish Sehrawat

Recommended For You

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

by Harikrishnan A
July 15, 2025
0
Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

A well-known website catering to Nintendo Switch piracy, Nsw2u, has been permanently taken offline following an investigation led by the FBI. The site, widely used for downloading illegal...

Read more

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

by Harikrishnan A
July 15, 2025
0
European Union Commences Investigation into Social Media Firm X for Alleged DSA Violations

French authorities have opened a formal investigation into the social media platform X—formerly known as Twitter—amid allegations that its algorithm may have been manipulated to support foreign interference...

Read more

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

by Harikrishnan A
July 15, 2025
0
Tesla Owner Burns Down Car and House After Plugging Directly Into Power Line

Tesla is in crisis management mode in Canada, cutting the price of its Model Y SUV by a staggering CAD $20,000 in an urgent attempt to recover from...

Read more
Next Post
Elon Musk on SpaceX landing 100th Falcon 9 Rocket: ‘hard to believe’

Google CEO addresses employee concerns about loss of ‘candor, honesty, humility and frankness’ by execs

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?