World's richest person, Elon Musk, has sold $1.02 billion worth of Tesla's shares (934,090 shares) according to financial filings published late Tuesday, making him closer to his target of reducing his stake in Tesla by 10%.
After asking his Twitter followers in November on whether or not he should sell some of his stake, Musk has been offloading Tesla stock. Earlier last week, Musk announced in a tweet that he was “almost done” trimming his Tesla holding by 10%.
After this sale, Musk’s total to about 15.6 million shares, for approximately $16.4 billion. In order to reach his 10% target, Musk would need to dispose of about 17 million shares to offload.
It's worth noting that Tesla shares have risen over 54% in 2021 making Musk the world's richest person. According to Forbes, Musk's net worth is now over $275 billion.
Because of the shares' sale, Musk is expected to now pay what is likely to be the largest single individual tax bill in U.S. history, with federal and California income taxes estimated to top $11 billion.
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