Tesla and SpaceX CEO Elon Musk sold another 934,090 shares worth $1.02 billion, CNBC reported. Mr. Musk made such a decision to pay a massive tax bill that amounts to at least $11 billion.

The billionaire has been on a selling spree since November 8, 2021. Musk has to sell over 1 million shares to get near his 10% target, preliminary estimates show.

In early November 2021, the Tesla CEO asked millions of his Twitter followers whether he should sell 10% of his stake in the electric car company. They voted yes. However, the Twitter poll had an insignificant influence on Musk’s decision. The lion’s share of the sales that followed was part of the plan made by the billionaire back in September 2021.

Musk also exercised options to buy nearly 1.6 million Tesla shares at a price of $6.24 per share. As a result, his holdings in the company increased from 170.5 million to 177 million.

Tesla shares soared by 54% in 2021, making Musk the world’s richest person. His fortune exceeded $275 billion by the end of the year.

At the same time, the billionaire’s wealth is derived from his ownership stakes in Tesla and SpaceX. Musk currently does not receive a salary or cash bonuses. Instead, he has taken out sizable loans against a portion of his Tesla shares.

In the United States, taxpayers pay an income tax or dividends on stocks only after they are sold out. So, Mr. Musk will pay the largest individual tax in US history with the federal and California income taxes estimated at $11 billion. By paying the tax bill, Musk will receive a $23 million compensation in the form of stock options.