Elon Musk Worth Over $300b Despite Selling Tesla Stocks
According to Bloomberg Billionaires Index, Elon Musk is the only person with a net worth greater than $300 billion in the last session due to the appreciation of his Tesla stock.
His present net valuation stands at $313 billion. The total gain for the year is $141 billion. His current net worth is equal to 168 million troy ounces of gold or 3,94 billion barrels of crude oil.
Tesla-related news contributed to his wealth bounce on Friday. In five years, it was predicted that Tesla could account for 20% to 25% of the automotive market in the U.S., according to closely watched tech sector investor, Cathie Wood.
The EV sector as a whole has gained this week due to excitement generated by Rivian going public and Tesla shares participating in those gains.
Elon Musk has cashed out nearly $9 billion worth of Tesla stock in the past two weeks, but he’s still far from selling 10% of the company.
According to filings with the Securities and Exchange Commission, the Tesla CEO sold 8.2 million shares, generating $8.8 billion in proceeds. Almost $84 billion has been wiped from the automaker’s market capitalization due to the sales drop.
Tesla stock is still up 56% this year, after soaring by more than 1,300% since the start of last year. Musk continues to own 164 million shares of the electric vehicle manufacturer, giving him a 17% stake.
Musk’s selling spree has been the subject of several theories. Last year, the Tesla CEO pointed out that he would need to sell shares to cover the costs associated with exercising stock options that expire next year.
Musk is also under fire for not paying nearly any income tax, and for opposing lawmakers’ push to impose a billionaire tax on the ultra-wealthy.
Some days ago, he asked on Twitter whether he should sell 10% of his stake in Tesla because of this conflict. Soon, it was revealed that Musk already had a trading plan to sell a stock, calling the point of the whole spectacle to question.