He knows he is benefiting from a huge bubble and is getting out before it pops. The bubble will pop when enough people realize that electric cars are virtually useless in a Northern winter. Heating is a huge drain on batteries but comes as a free byproduct in a conventional car
Tesla CEO Elon Musk pawned off another $687 million worth of Tesla shares Thursday after offloading $5 billion of his stake in the company in two separate transactions earlier this week, following the CEO's promise to sell $25 billion worth of the stock.
The string of sales comes less than a week after Musk's much-publicized Twitter poll where he asked followers if he should sell his $250 billion stake in the electric-car maker to pay President Joe Biden's proposed 'billionaire's tax.'
In the Saturday post, the world's richest person and Tesla's top shareholder criticized the controversial new tax plan proposed by the president's administration, saying that he does not earn a salary from the company and his only source of income is stocks, and that the only way for him to pay taxes would be to sell some of his stake.
Musk, 50, who founded the car company in 2003, then declared to his 63.1 million followers that he would sell 10 percent of his shares - which would equate to roughly $25 billion - if they approved the move.
'Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,' Musk, 50, wrote in the November 6 post.
The exec then implored his 63.1 million followers: 'Do you support this?'
They did - with more than 2 million of the 3.5 million social media users surveyed voting that he should, spurring the CEO's massive sell-off.
The shares were sold at prices ranging from around $1,056.03 to $1,104.15 in multiple transactions, the filings reveal.