Tech

Elon Musk sold another $ 1 billion in Tesla shares on Tuesday

SpaceX founder and CEO of Tesla, Elon Musk, visited the construction site of Tesla’s Gigafactory in Grünheide, near Berlin, Germany, on May 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold about $ 1.05 billion in stake on Tuesday night, according to financial statements posted this week. The sale was scheduled for September to exercise an option set to expire in 2022.

Musk sold a total of $ 9.85 billion in Tesla shares this month, including selling $ 6.9 billion in the week of November 10 and selling $ 1.9 billion on November 15 and 16. Fulfill tax obligations related to the exercise of stock options.

Musk and his trust still hold more than 169 million shares of the company.

Tesla shares fell 15.4% in the week ending November 12, making it the worst week for Tesla shares 20 months after Musk began selling shares. Tesla’s share rose about 1% on Wednesday afternoon.

Musk conducted an informal Twitter poll on November 6 and asked more than 60 million Twitter followers if they should sell 10% of Tesla’s stock. The polls ended up telling users to sell to masks.

However, Musk had already shown earlier this year that it is likely to sell an optional “huge block” in the fourth quarter. During his appearance at the Code Conference in September, he said his marginal tax rate would exceed 50% when stock options expire in Tesla.

CNBC’s Lora Korodny contributed to this report.

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Correction: Tesla shares have been updated to reflect a 15.4% drop in the week ending November 12 instead of the week ending November 19.

Elon Musk sold another $ 1 billion in Tesla shares on Tuesday

Source link Elon Musk sold another $ 1 billion in Tesla shares on Tuesday

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