Elon Musk releases another $ 1 billion in Tesla shares
Elon Musk sold another $ 1 billion in Tesla Inc. shares on Tuesday as he approaches the goal of selling a 10% stake in the electric car maker.
According to registrations on Tuesday to the Securities and Exchange Commission, Musk sold around 934,000 shares, worth around 1.02 billion dollars. He also exercised options on 1.55 million shares.
That brings his total to around 15.8 million shares unloaded since November 7, when he posted a Twitter survey asking if he should sell 10% of his Tesla stake. In total, the share sale has been worth a little over 16 billion dollars. He has also exercised around 22.8 million stock options ̵[ads1]1; all of his vested options that would have expired next year.
At the time of his Twitter survey, Musk’s 10% stake was around 17 million shares. Last week, Musk tweeted that he was “almost done” with only “a few tranches left.” Most of the share sale was planned for September, to pay for a tax bill of around $ 11 billion.
Last week’s comments halted a month-long decline in Tesla’s share price since the sale began, when the company regained a market value of over $ 1 trillion.
Tesla stock TSLA,
is down 5% in the last month, but has gone up 21% in the last five days. Shares are up 54% so far this year, compared to the S&P 500’s SPX,
27% increase this year.
Updated with a new total number of exercised share options.
