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

SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla’s gig factory in Gruenheide, near Berlin, Germany, on May 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold about $ 1.05 billion in stock Tuesday night, according to financial records released this week. The sales were scheduled for September to exercise options that would expire in 2022.

Musk sold a total of $ 9.85 billion in Tesla shares this month, including $ 6.9 billion he sold in the week of Nov. 1[ads1]0 and a further $ 1.9 billion he sold in Nov. 15 and 16. Some of the shares were partially sold to satisfy tax obligations related to the exercise of share options.

Musk and his trust still have more than 169 million shares in the company.

Tesla shares fell 15.4% in the week ending November 12, marking the worst week for Tesla shares in 20 months after Musk began selling shares. Shares in Tesla rose about 1% on Wednesday afternoon.

Musk conducted an informal Twitter survey on November 6 and asked his more than 60 million Twitter followers whether he should sell 10% of the Tesla share or not. The poll ended with users asking Musk to sell.

But Musk had already indicated earlier this year that he would probably sell “a large block” of his options in the fourth quarter. Speaking at the code conference in September, he said that when his share options expire with Tesla, his marginal tax rate would be over 50%.

CNBC’s Lora Kolodny contributed to this report.

Subscribe to CNBC on YouTube.

Correction: Updated to reflect Tesla’s shares fell 15.4% for the week ending November 12, not the week ending November 19.

Source link

Back to top button