Tesla chief executive Elon Musk has sold more shares of the electric automaker and also announced that the company will start to accept Dogecoin as payment for its merchandise.

Filings made with the Securities and Exchange Commission reveal that Musk exercised options to buy 2.1 million shares of Tesla $6.24 each before proceeding to sell 934,091 shares at prices between $952 and $1,002. This means the world’s wealthiest individual has now sold roughly $11.76 billion worth of Tesla shares since November 8.

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Musk hasn’t disclosed why he is selling shares in Tesla but it is thought to be related to impending tax increases as well as the high market prices of the automaker. He is also said to be covering some personal debts.

Tesla shares have lost approximately 15 per cent in December but are still up 36 per cent year-to-date.

Shortly after offloading more shares, Musk took to Twitter to announce that Tesla will allow Dogecoin to be used when purchasing Tesla merchandise.

Dogecoin is a cryptocurrency that has gone on a wild ride over the past 12 months. Musk is a strong holder of Dogecoin and regularly tweets about it, causing prices to increase. After announcing that Tesla will start to accept the crypto, prices spiked by as much as 33 per cent. Musk has previously admitted that he pumps the price of Dogecoin but claims he doesn’t sell it when prices surge.