Thursday, December 2

Elon Musk sold Tesla stock for $ 1.1 billion

Last month, Tesla surpassed $ 1 trillion in market capitalization, becoming the fifth American company to join a club that includes Apple, Microsoft, Amazon and Alphabet.

Renowned investor Michael Burry Musk suggested that Musk is looking to sell some of his shares because he needs cash to pay off the loans he took out using his Tesla shares to minimize tax burdens.

Burry, famous for predicting the 2008 real estate crisis, recalled that the world’s richest man had pledged about 88 million shares, or 36% of his total stake, as collateral for personal loans on June 30.

It is worth noting that Musk owned about 170.5 million shares as of June 30, which represents a 23% stake in the world’s most valuable auto company.

Following its founder’s promise, Tesla shares fell 15.4% this week. This Wednesday they improved 4.3%.

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