• My account
NZ Autocar
Subscribe

No products in the cart.

No Result
View All Result
  • Home
  • News
    • Industry
  • Reviews
  • Electric
  • Utes | Vans
  • Bikes
  • Classics
  • Motorsport
  • Brands
  • Prices
    • New Car Prices
    • New Bike Prices
  • My account
NZ Autocar
SUBSCRIBE
No Result
View All Result
Home Main Categories Electric

Elon Musk set to sell a US$21b chunk of his stocks in Tesla

Words: Matthew Hansen

by Matthew Hansen
November 8, 2021

Amid yet another huge boom in share prices at Tesla, CEO Elon Musk has confirmed that he will be selling 10 per cent of the stocks he has in the company he leads.

The decision came about in perhaps the most Musk way possible; via a Twitter poll. 

Tweeting to his followers over the weekend, Musk posted the poll, saying “much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?”

Over 3.5 million people voted in the poll, with a narrow majority of 57.9 per cent voting yes. “I was prepared to accept either outcome” he wrote after the poll closed. 

Musk reportedly owns around 23 per cent of Tesla’s stocks (around 170.5 million shares), with Reuters claiming that this stock sale could net the tech industry magnate approximately US$21billion. 

As per Musk’s note in the poll, the news comes as American president Joe Biden tries to crack down on billionaires; specifically their unrealised gains through things like wealth generated by owned stocks. 

Senate finance committee chairman Ron Wyden referenced Musk specifically on the weekend, given Musk’s current position as the world’s richest person, ahead of Amazon’s Jeff Bezos and Microsoft’s Bill Gates. 

“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll. It’s time for the Billionaires Income Tax,” Wyden said. Musk is evidently not a fan of the proposal, saying “eventually, they run out of other people’s money and then they come for you.”

It’s been a very interesting period for Tesla’s stock prices. 

News recently broke that rental car company Hertz would be ordering 100,000 Tesla Model 3s in a bid to make its fleet more environmentally friendly. It wasn’t until after the news went far and wide that it was announced that the deal was far from done. 

In the midst of increasing criticism of America’s billionaires, Musk also recently said that he would sell US$6billion worth of Tesla stocks and donate the proceeds to the United Nations’ World Food Programme if the organisation could show how that money could solve world hunger.

Previous Post

Down under launch of 523kW Ram 1500 TRX reportedly close

Next Post

Auckland Transport confirms massive electric bus order

NZ Autocar is New Zealand’s leading automotive magazine. Delivering news reviews from the automotive world, including commentary from leading automotive writers and covers the scope of motoring including new cars, classic cars, EVs and motorbikes.

Our team

Managing Editor: Richard Edwards
General Manager: Gavin Shaw
Editor: Kyle Cassidy
Senior Editor: Peter Louisson
Creative Director: Alex Schultz

To Subscribe

Subscribe

Contact Us

Advertising:
Gavin Shaw
[email protected]
.
Editorial:
Kyle Cassidy
[email protected]
.
NZ Autocar
PO Box 18121
Glen Innes
Auckland 1743
New Zealand

Categories

Useful Links

Home
News
Motorsport
Search Manufacturer
Search reviews
New Car Prices
New Bike Prices
Industry
Commercial
Subscriptions
Competitions
Contact Us
Advertising
Terms and Conditions

2025 © AUTOCAR 2024 LIMITED. ALL RIGHTS RESERVED.

No Result
View All Result
  • Home
  • News
    • Industry
  • Reviews
  • Electric
  • Utes | Vans
  • Bikes
  • Classics
  • Motorsport
  • Brands
  • Prices
    • New Car Prices
    • New Bike Prices
  • My account

2025 © AUTOCAR 2024 LIMITED. ALL RIGHTS RESERVED.