Tesla sold $5 billion worth of shares

The Tesla founder sold a stake in the company to pay taxes. The billionaire had announced his intentions earlier, but the amount of the deal exceeded expectations.

Last weekend, Elon Musk conducted a poll on Twitter among his followers. The billionaire was asking his readers’ opinions on whether to sell 10% of the stock. The majority of those polled voted yes. According to CNBC, the Tesla founder has made a deal to sell more than $5 billion worth of the company’s securities.

On 10.11.2021 Tesla stock price went down and due to this the company’s capitalization fell below $1 trillion. By the evening of November 11 the stock price went up to the level of $1066 again. Due to the stabilization of quotes, the capitalization of the electric carmaker reached $1.07 trillion.

Musk had planned to sell $1.1 billion worth of stock. However, the company also put up for sale a block of securities worth more than $3.8 billion. This transaction was not anticipated in advance.