(Image source from: peaklife.in)

Elon Musk, the Chief Executive Officer of Tesla worked on the 2.15 million stocks and sold the stock after he went for a voting through Twitter. He asked his followers to decide if he can sell some of the stocks of Tesla. Elon Musk took the exercise on Monday and he quoted 6.24 USD per contract. He also sold 9,34,000 shares to make 1.1 billion USD. The contracts are expected to expire next year. The shares rose by 4.3 percent on Wednesday and they closed at 1067.95 USD and they wiped 50 billion USD from the net worth of Elon Musk. This is the first sale of the billionaire since 2016. Hr liquidated some of his new shares to cover the 590 million USD of income taxes.

Elon Musk set up a poll on Twitter on November 6th and most of them wanted him to sell the stocks. He received 3.5 million votes and 58 percent of them were in favor of selling stock. Elon Musk is one of the world's richest person with 300 billion USD as per the reports from Bloomberg Billionaires Index. There are talks that Elon Musk may take up additional sale of stocks in the coming future. As per the analysts, Elon Musk holds 23 percent of the stocks of Tesla and has 10 billion USD in taxes to be paid which is due for summer next year. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. I will abide by the results of this poll, whichever way it goes. Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock" told Elon Musk on his twitter page.

By Siva Kumar