Elon Musk, the wealthiest person in the world, offloaded another $1.01 billion worth of Tesla shares this week.
The Tesla CEO indicated on Twitter recently that he scheduled to sell off 10 percent of his stake in the company, part of a plan that has been a long time coming. Musk sold about 934,000 shares in this latest sale, reports Bloomberg.
Since asking his Twitter followers if he should sell 10 percent of his Tesla holdings, he has sold 10.1 million shares, which amounts to about $10.9 billion in revenue for the billionaire. He will still need to sell more stocks before he reaches his goal, which should amount to around $21 billion in all.
Read Also: Sell, Sell, Sell, Twitter Users Tell Musk In $21 Billion Tesla Share Sale Poll
Musk isn’t the only one selling big this year. His brother Kimball also sold about $109 million worth of his stake in the company. In October, the company’s other directors, such Ira Ehrenpreis, Robyn Denholm, and Antonio Gracias also sold shares whose value, taken together, amounts to hundreds of millions of dollars.
CEOs And Insiders Are Offloading A Record Number Of Stocks
The wider world of billionaires has also started selling off their shares, pushed by high market prices and incoming tax increases. CNBC reports that corporate insiders have sold a record $69 billion in stock in 2021, with the top four earners—Elon Musk, Amazon’s Jeff Bezos, Walmart’s Walton family, and Meta’s Mark Zuckerberg—accounting for 37 percent of this year’s total.
As the year comes to a close, billionaires are only expected to accelerate their selling. Musk may also be selling shares to cover personal debts, per the Los Angeles Times.
