After Tesla stock sale, Elon Musk's cites main reason for his accumulating capital

Elon Musk ranks 1st in the elite club of individuals who holds fortunes in excess of $100 billion.

Electric car mogul Elon Musk, who sold approximately $1.1 billion in shares of Tesla just days after he polled Twitter users about selling 10 per cent of his stake, cited the reason for accumulating capital.

“The resources I consume personally are very low,” Musk said, responding to a tweet thread analysing how he uses his capital.

There are many other good causes, but this is my main reason for accumulating capital.

The resources I consume personally are very low. — Elon Musk (@elonmusk) November 10, 2021

Musk, the world's richest person, sold about 9,30,000 shares on Monday, a filing with the US Securities and Exchange Commission financial regulator showed.

Sawyer Merrit, a start-up founder, was explaining why he felt there is “no other billionaire with better capital efficiency” than Musk.

Among several reasons he listed, he said Musk accelerated transition to electrical vehicles and thus, a cleaner future. He also praised Musk’s space venture, SpaceX. “He brought back astronaut launches to US soil at record low prices. Unlike many billionaires, Elon's bringing about positive change.”

He also pointed that Elon Musk sold his personal possessions and now lives in a house in Texas that cost $60,000.

“Elon doesn't buy $200M yachts, 600 acres in Hawaii or exp jewelry. He sold off all his personal possessions & lives in a $60k house in TX. In many people’s eyes, in the court of public opinion, Elon is an enemy, but he's really an ally with the goal of improving people’s lives,” Merrit tweeted in his thread.

Responding to the post, Musk said, “There are many other good causes, but this is my main reason for accumulating capital. The resources I consume personally are very low.”

Musk’s Twitter poll on whether he should sell 10 per cent of his Tesla shares comes after some Congressional Democrats pushed for billionaires like him to pay taxes when the price of the stocks they hold goes up, even if they don't sell any shares. It's a concept called “unrealized gains,” and Musk is sitting on a lot of them with a net worth of roughly $300 billion.