The statue sees Musk's head with the body of GOAT atop a rocket. G.O.A.T symbolises Greatest of All Time.
As per media reports, the statue is worth $6,00,000 ( ₹4.8 crore). The statue will also fit in a 24k gold-plated thunder sign on the goat's body. It is crafted by Canadian metal sculptors Kevin and Michelle Stone.
The statue has been commissioned by the cryptocurrency firm Elon GOAT Token ($EGT). The firm launched a plan in January to create a staue of the world's richest person. The $EGT intends to present Musk with the statue at his Texan Tesla offices on 26 November in Austin, Texas.
"We are setting up an event at CIRCUIT OF THE AMERICAS, Austin. We are going to have some fun for a few hours and then all cars and trucks will hit the freeway behind the monument, destined for Tesla's Giga Factory," the company said on Twitter.
Separately, Musk sold nearly $4 billion worth of Tesla shares, according to regulatory filings.
Musk, who bought Twitter for $44 billion, sold 19.5 million shares of the electric car company from 4 November to 8 November, according to Tuesday's filings with the Securities and Exchange Commission.
He sold $7 billion of his Tesla stock in August as he worked to finance the Twitter purchase he was trying to get out of at the time. In all, Musk has sold more than $19 billion worth of Tesla stock since April, including those in Tuesday's filings, likely to fund his share of the Twitter purchase.
The takeover of Twitter has not been smooth and the social media platform has seen the exodus of some big advertisers in recent weeks in including United Airlines, General Motors, REI, General Mills and Audi.
Musk acknowledged “a massive drop in revenue" at Twitter, which heavily relies on advertising to make money.
Musk had signaled that he was done selling Tesla shares and the revelation that those sales continue left some industry analysts exasperated.
Most of Musk's wealth is tied up in shares of Tesla Inc. On Tuesday, his personal net worth dropped below $200 billion, according to Forbes, but he is still the world's richest person.
Shares of Tesla Inc., down almost 50% this year, tumbled another 6% Wednesday.
Musk had lined up banks including Morgan Stanley to help finance the Twitter deal.
