Elon Musk sold a large amount of shares of Tesla Inc. for the seventh straight day on Tuesday, taking him nearly halfway with his Twitter promise to sell his 10% stake in the company.
Based on file with With the Securities and Exchange Commission, Musk exercised more of his options and sold more than 934,000 shares on Tuesday, for about $973 million. Follow a $930 million stock sale on Monday.
In total, Musk sold about 8.16 million shares for $8.8 billion as of November 8, a day later. Musk’s Twitter Poll Decides He Should Sell 10% Of His Tesla Shares. Some stock purchases were going well before the poll was published.
Assuming Musk intends to sell his 10% stake, he’s almost halfway there. Before the sale started, his 10% stake amounted to about 17 million shares – so after Tuesday’s sale, he’ll have about 8.84 million shares left.
Musk, the world’s richest man, has millions of stock options that he needs to exercise by August 2022, and in September Musk said in September that he plans to sell a large chunk of the stock. votes in the fourth quarter. CNBC reported last week that Musk faces $15 billion in taxes on those options.
ended its slide on Tuesday, up about 4%, after falling more than 17% since the sell-off in Musk’s stock began on Nov. 8. To date, the stock is up 50 % and has increased by 139% in the past 12 months.
https://www.marketwatch.com/story/another-day-another-tesla-stock-sale-for-elon-musk-8-8-billion-over-past-7-days-11637116058?rss=1&siteid=rss | Another day, another Tesla stock sale to Elon Musk: $8.8 billion in the last 7 days