Tesla Inc.’s valuation fell below the $ 1 trillion mark as Elon Musk continued to sell his shares as a part of his pledge to sell 10% of his holdings.
As per Bloomberg News, the wealthiest person in the world offloaded 934,091 shares Monday worth $906.5 million to cover the taxes applicable on capital gains on exercising his options of 2.1 million shares. Musk has already sold $12.7 billion worth of stocks in the past five weeks.
The latest transactions resulted in Tesla’s market valuation falling below $ 1 trillion since October 22. The shares continued to fall and dropped to $948.81 Tuesday at 9.43 a.m. in New York.
The prices had peaked just before Musk took a poll on Twitter about whether he should reduce his holdings. The disposals of his stake have resulted in the Tesla shares dragging down. Musk has so far sold 70% of the 10% stocks he wants to offload from his direct ownership.
Before taking the Twitter poll in September, Musk had said that he would exercise his options in the fourth quarter. In September, he put a plan that resulted in more than half the shares sold in November. Musk has so far exercised almost 15 million options.
Musk, as usual, was busy on Twitter since his share sale plans. He announced that his company, Space exploration, will explore turning carbon dioxide into the environment and turning it into rocket fuel. For this, Tesla will accept cryptocurrency Dogecoin for merchandise.
Musk added to his wealth around $98 billion in 2021 and now has a net worth of $ 253.6 billion per the Bloomberg Billionaire index.
