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Elon Musk offloads $1.1B in Tesla stock

Tesla CEO Elon Musk has sold shares worth more than a billion dollars, according to a recent financial filing.

Files submitted to the Securities and Exchange Commission on November 11 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 about $1,170, a nearly 180% increase in prices over the past year. It is the third time Musk has sold company stock since Tesla went public on Nasdaq in 2010, and it is his biggest transaction.

The filing shows that Musk planned to sell the stock in September as part of his tax obligations. He surveyed his 63 million followers over the weekend, asking whether he should sell 10% of his Tesla holdings. About 58 percent of the 35 lakh respondents said yes. Although the Tesla CEO has sold less than 1% of this sale and still holds more than 170 million shares.

Responding to the poll, he said, “I don’t take cash salary or bonus from anywhere. I only have stock, thus the only way for me to personally pay taxes is to sell stock.”

In the days following the vote, Tesla stock fell 16% to just below $1,000 on Nov. TSLA hit an all-time high of $1,230 on November 4 and is currently down about 11% from that peak.

related: Bitcoin Plunges Below $67K As Tesla Stock Bearishes With Apple CEO Denying Crypto Plans

There has been speculation in cryptocurrency circles – there is indeed hope that he might be putting some of that cash into digital assets. Mr Whale Asked His 357,000 followers: “What cryptocurrency should he buy to make himself the first trillionaire?”

Microstrategy CEO Michael Saylor suggested He bought more bitcoins following a Twitter poll but before news of this sale broke out:

“If the goal is diversification, an alternative strategy to consider is to convert the $TSLA balance sheet to the bitcoin standard and purchase $25 billion in $BTC. This is a tax efficient way for all investors to diversify, inflation protection and more. will provide the opposite.”

According to Bitcoin Treasury, Tesla holds 43,200 BTC worth an estimated $2.79 billion at the current price.

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