Elon Musk unloads Tesla shares for over $10 billion

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Elon Musk’s stock selling spree continues. 

The world’s wealthiest man sold 934,000 Tesla shares worth more than $1 billion on Thursday, according to securities filings.

That brings the total value of dumped shares over the past month to more than $10 billion.

The sell-off comes after Musk — who is worth an estimated $284 billion — tweeted in November that he planned to sell 10 percent of his stock in the electric car company.

The sales are potentially part of a plan to cover a massive federal tax bill of nearly $11 billion triggered by Musk exercising Tesla stock options. 

Tesla stock price has declined 10.7 percent over the past month during Musk’s selling spree. Some investors have said that Musk’s sales are putting pressure on the company’s sky-high shares, which are a favorite among retail investors and are still up nearly 50 percent since the beginning of 2021. 

Musk also said Thursday that he plans to exercise options allowing him to buy 2.1 million additional Tesla shares.

Tesla car
Tesla shares have declined more than 10 percent over the past month.
EPA

The mogul, who as the CEO of both Tesla and SpaceX, has tussled with lawmakers in DC over proposed tax hikes on the rich. 

In November, after Musk had already sold more than $6 billion in Tesla shares, he mocked Sen. Bernie Sanders on Twitter.

Elon Musk
Musk has tussled with lawmakers who want to raise taxes on the rich.
AP

“We must demand that the extremely wealthy pay their fair share. Period,” the Vermont independent tweeted. 

“I keep forgetting that you’re still alive,” replied the mogul. 

“Want me to sell more stock, Bernie? Just say the word …” Musk added.

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