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This all comes after he surveyed his Twitter following with a poll asking whether or not he should go through with selling stocks, as it’s his only form of compensation through Tesla. The poll was ignited from the proposed Billionaire Index Tax spearheaded by Sen. Ron Wyden.
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According to filings from the U.S. Securities and Exchange Commission, 4.5 million stocks – valued at $5 billion – were offloaded between Monday and Wednesday. On November 10th, Tesla’s stocks closed at $1,067.95 per share. 1.2 million more stocks were sold on Friday that followed on the 12th.
His highly anticipated trading within the NYSE has certainly made an impact on the car manufacturing company’s stock valuation. Shares dropped to $189 apiece, dipping $15.4%. Within the past week, Tesla’s market value dropped by $187 billion, leading the company to fall below its previously momentous $1 trillion valuations. The $1 trillion market valuation benchmark was reached after car rental company Hertz announced that they would be purchasing 100,00 electric cars from the manufacturer.
The billionaire business magnate’s stock rollout has been a point of contention for a number of people, with politicians openly expressing their umbrages. The same day that Musk’s Twitter poll regarding selling stocks went live, Sen. Ron Wyden proclaimed his distaste for the survey.
“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” the senator responds to the original poll thread, “It’s time for the Billionaires Income Tax.”
Musk recently got into a Twitter feud with former presidential candidate Bernie Sanders. On Sunday, the Vermont senator took to social media proclaiming that the richest of the country should pay their fair share.
“We must demand that the extremely wealthy pay their fair share,” Sanders wrote, “Period.”
Musk first clapped back with a jab at Sander’s age. Then he responded further, offering to sell even more stocks upon the senator’s request.
“I keep forgetting that you’re alive,” the richest man alive wrote, “Want me to sell more stock, Bernie? Just say the word…”
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Sources: CNN Business, New York Post, Reuters
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