Elon Musk now worth more than $300 billion despite selling Tesla stocks

Elon Musk

Due to the rise of his Tesla stock, Elon Musk is the only person with a net worth greater than $300 billion, according to the Bloomberg Billionaires Index.

His current net worth is $313 billion dollars. The year’s overall profit is $141 billion. His current net worth is 3,94 billion barrels of crude oil or 168 million troy ounces of gold.

On Friday, he saw a boost in his fortune due to Tesla-related news. According to Cathie Wood, a well observed tech sector investor, Tesla might account for 20% to 25% of the automotive market in the United States in five years.

Due to the enthusiasm generated by Rivian’s IPO, the EV sector as a whole has benefited this week, with Tesla shares partaking in those gains.

Elon Musk has sold about $9 billion in Tesla stock in the last two weeks, but he’s still a long way from selling a 10% stake in the company.

According to documents filed with the Securities and Exchange Commission, Tesla CEO Elon Musk sold 8.2 million shares for $8.8 billion. Due to the decline in sales, the automaker’s market capitalization has been reduced by over $84 billion.

After skyrocketing by more than 1,300 percent since the start of last year, Tesla stock is still up 56 percent this year. Musk still owns 17 percent of Tesla, with 164 million shares.

Several ideas have been proposed to explain Musk’s selling binge. Last year, Tesla CEO Elon Musk stated that he would have to sell stock to meet the price of exercising stock options that would expire next year.

Musk has also come under fire for not paying practically any income tax and for opposing legislation that would impose a billionaire tax on the ultra-rich.

He questioned on Twitter a few days ago if he should sell 10% of his Tesla stock due of the conflict. Soon after, it was revealed that Musk had previously devised a trading strategy to sell a stock, casting doubt on the spectacle’s purpose.

What do you think?

Written by Babatunde Okerayi

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