Yesterday, November 9, the share price of electric automaker Tesla dropped 11.99% in what has been the biggest drop of the year to date. Overall, since January, the company's share price has risen 40.25%.
Notably, the fortune of the company's CEO, Elon Musk, has fallen by $33.3 billion to $271 billion dragged down by the stock drop, according to the Forbes ranking.
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Last October 25, Tesla's market cap surpassed $1 trillion. Following this event, some of the largest shareholders sold their shares, including board chair Robyn Denholm and Elon Musk's brother Kimbal Musk, according to CNBC. Kimbal Musk received $109 million following the sale.
Last November 6, Elon Musk asked his Twitter followers whether he should sell between 10% and 21% of his Tesla shares. Apart from the shares, he has no cash assets and the sale is the only way to pay taxes.
A total of 3.5 million accounts participated in the vote, 58% voted "yes." Elon Musk did not specify when he will sell the package. It could be worth around $21 billion, with taxes of 5 billion, according to Forbes.