Business

Elon Musk sells another $ 1.2 billion in Tesla shares




Elon Musk

Mike Blake | Reuters

Tesla CEO Elon Musk’s trust sold about $ 1.2 billion in Tesla shares on Friday, according to financial records released Friday night. He still has more than 166 million shares in the company.

Musk sold around $ 6.9 billion worth of shares in the company during the week. Some of the shares were partially sold to cover tax liabilities related to the exercise of share options.

These sales affected the company̵[ads1]7;s share price. The Tesla share fell 15.4% for the week, marking the company’s worst one-week development in 20 months. It was also the worst week for Tesla shares ever, except for the downturn in February and March 2020 when the coronavirus pandemic caused markets to fall.

Tesla stock is still up around 46% year to date at a record closing price of $ 1,229.91 November 4, 2021.

On November 6, Musk asked his more than 60 million Twitter followers to vote in an informal poll and told them that their vote would determine the future of his Tesla holdings. Financial documents filed during the week show that some were scheduled for sale this week regardless of the outcome of the vote.

Musk has previously signaled that he will probably sell “a huge block” of his options in the fourth quarter. Speaking at the code conference in September, Musk said that when his stock options expire at Tesla, his marginal tax rate would be over 50%.

– CNBC’s Lora Kolodny contributed to this report.

Subscribe to CNBC on YouTube.



Source link

Back to top button