Risk: Musk sells $ 5bn of Tesla assets after a Twitter survey | Automotive Business News

Elon Musk, the richest man in the world, sold Tesla shares for $ 5bn after his Twitter followers voted to lower his stock.

Tesla Inc. executives Elon Musk reduced $ 5 billion worth of property in the electronics industry, after sparking a multi-billion dollar televised tax dispute.

The richest man in the world has so far lost more than 4.5 million shares this week, according to the index. This was his first commercial in more than five years.

Musk, who often causes controversy on Twitter, started a fire over the weekend with an inquiry into whether he had sold part of his Tesla price. Although he has expressed his views on the issue of the billions of tax evasion bans, documents released Wednesday show that some of the prerequisites were made in mid-September – weeks in advance. He did not mention in the tweets that he had millions of items to use next August, when they expired.

The decision prompted Musk to vote in favor of selling and shipping shares of Tesla below 16% in the first two days of the week. Retails traded lower on Wednesday, closing 4.3%, and up 2.5% ahead of normal trading on Thursday.

On Monday, Musk lowered nearly $ 1.1 billion to pay taxes on the choices he made that day, two of which the record shows. On Tuesday and Wednesday, he sold the rest. Descriptive notes that were discarded do not indicate that they were pre-arranged.

The record does not indicate whether Musk’s vote over the weekend of Twitter had anything to do with his decision to do one or the other – or to continue selling until he earned 10%. To get there, he would have to pay around 17 million shares, and more if he added what he could do to all of his finances.

The decisions Musk used were based on the grand prize he received in 2012. Taxes on such practices are often levied and immediately lose some of the newly acquired shares. Earlier this year, Musk made it clear that he could use what he received from the 2012 awards recently.

It is possible that selected actions and related ads would have been carried out regardless of the results of the Twitter survey, as they were created under a pre-determined system. But the contents of such plans should not be disclosed to the public, and supervisors may have the opportunity to ban them or change them at any time.

A Twitter referendum that hit the headlines disrupted Tesla’s shares on Monday and Tuesday, removing $ 50 billion from Musk’s price.

The billionaire sold the final shares in 2016, when he used the options and removed some of the newly acquired assets to pay nearly $ 590 million in taxes.

In his Nov. Announcement. 6, Musk wrote that “a lot has been created recently because of profits that did not happen to be a tax evasion method, so I am asking to sell 10% of my Tesla assets.” About 58% of the 3.5 million votes cast cast in favor of the sale.

Musk, 50, is the world’s richest man with an estimated $ 300 billion, according to the Bloomberg Billionaires Index.

(Changing sections in paragraph 4, adds tax clause to paragraph 1)
-With support from Andrew Heathcote, Dana Hull and Joanna Ossinger.