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Elon Musk Sells Shares to Pay Taxes on Previous Stock Dump

Musk sold another $900 million in Tesla stock Monday as he fulfills his promise to sell 10% of his Tesla holdings.
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Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk isn't done selling shares of his company, celebrating the Time Magazine Person of the Year award he won by offloading another massive chunk of Tesla stock Monday. 

The Tesla head had pledged to sell 10% of his Tesla stake, but his follow through on that pledge may have cost the electric vehicle automaker its trillion dollar valuation. 

Musk sold another 934,091 shares Monday, netting himself about $906.5 million to cover the taxes on the 2.1 million more options he took out earlier. 

According to regulatory filings, Musk has now sold a total of $12.7 billion in stock over the past five weeks. 

On Monday, Tesla closed below the $1 trillion market cap mark for the first time since Oct. 22. Shares were down slightly again Tuesday. 

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At the time Musk made his 10% pledge, he owned just over 170 million shares, meaning Musk could eventually sell about 17 million shares.

As of Tuesday, he has sold just under 12 million shares, according to media reports. 

If he plans to fulfill his promise, he could net another $4.8 billion based on Tesla's Monday closing price of $966.

Musk has been vocal about his reasons for the stock sale, saying that pending tax increases on his unrealized capital gains is the reason he is cashing out.

He has repeatedly gone after President Joe Biden for his policies, saying in September that the Biden does not have "the friendliest administration," after the White House did not invite Tesla to a carmakers summit.