Here is reason the World's Richest Man sold his shares.
The CEO of Tesla Motors, Elon Musk has sold approximately 934,091 shares that cost a staggering $1.01 billion dollars.
He did this to meet his tax obligations to exercise the option of buying 2.1 million shares.
Elon Musk has put in place more options since November 8 to acquire 10.7 million shares and sold 10.1 million shares for $10.9 billion.
Still, Musk has an option to buy 10 million shares while each share costs $6.24. However, they will expire in August next year.
Last month, Musk tweeted that he would sell ten percent of his stocks if Twitteratis agreed.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.Do you support this?— Elon Musk (@elonmusk) November 6, 2021
It turned out to be true as most of the people gave positive reaction to his poll.
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