Another day, another Tesla stock sale for Elon Musk: $ 8.8 billion in the last 7 days

Elon Musk sold a large portion of Tesla Inc. shares for the seventh day in a row on Tuesday, which brought him almost halfway to his Twitter promise to sell 10% of the stake in the company.

According to Securities and Exchange Commission records, Musk exercised several of his options and sold more than 934,000 shares on Tuesday, for approximately $ 973 million. That followed a share sale of $ 930 million on Monday.

In total, Musk has sold around 8.16 million shares for $ 8.8 billion since November 8, a day after Musk’s Twitter poll decided he would sell 10% of his Tesla stake. Some of the share sales had started well in advance of the vote.

Assuming Musk intends to sell 1[ads1]0% of his shares, he is almost halfway there. Before the sale started, his 10% stake was around 17 million shares – so after Tuesday’s sale he would have around 8.84 million shares left.

Musk, the world’s richest man, has millions of stock options that he must exercise by August 2022, and Musk said in September that he intended to sell a large part of the shares in the fourth quarter. CNBC reported last week that Musk faces a $ 15 billion tax bill on these alternatives.

Tesla shares TSLA,
stopped the slide on Tuesday and rose around 4%, after falling more than 17% since Musk’s share sale began on November 8. The stock is up 50% so far this year, and has risen 139% in the last 12 months.

Source link

Back to top button