Tesla Stocks Market Value Falls Below $1 Trillion As Musk Offloads His Stakes

    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.

    RELATED ARTICLES

    investing in Crypto

    Investing in Crypto: A Guide for Smart Investors & Fundamentals

    Investing in cryptocurrencies has turned out to be an international phenomenon, attracting each institutional and...
    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    How To Find the Best FD Interest Rate for Senior Citizens Using an FD Interest Calculator

    FDs are one of the most preferred investment products for senior citizens as they offer...
    When was Studio Ghibli founded

    When Was Studio Ghibli Founded: Japan’s Iconic Animation Legacy

    Studio Ghibli is a popular Japanese animation studio, known by many for its stunning movies,...
    online jobs for students

    Online Jobs for Students: Best ways to Earn Money & Build Skills 

    Balancing academics and price range can be challenging for college students, but online jobs offer...
    Best Trading Apps to Open a Demat Account

    Best Trading Apps to Open a Demat Account: Features & Fees

    Investing in the stock market has become more accessible than ever with trading apps that...
    5 Mistakes to Avoid for Choosing the Best Share Market App

    5 Mistakes to Avoid for Choosing the Best Share Market App

    Investing in the Indian share market is now easier than ever in the current digital...
    Expand Image Boundaries in Seconds With AI

    Expand Image Boundaries in Seconds With AI

    You’ve finally found the perfect image for your project or post, except it’s just a...
    high fiber foods

    High Fiber Foods for a Healthy Digestive System

    Fiber is a vital nutrient that plays a vital role in maintaining good health. Despite...
    calorie calculator

    Calorie Calculator and Insights: How many calories to lose weight

    Losing weight is an extensively pursued purpose, but the essential precept remains regular: keeping a...
    best video editing app

    Best Video Editing App: How to Edit Like a Pro

    In the continually shifting world of digital media, video editing has become essential for makers...
    srd status check

    SRD Status Check: Unlocking Your Grant Journey, Step-by-Step

    SRD status check – those three words can carry a lot of weight, can't they?...