Elon Musk sells $ 1.1 billion worth of Tesla stock

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Elon Musk sells $ 1.1 billion worth of Tesla stock


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Elon Musk, owner of SpaceX and CEO of Tesla. PHOTOS | AFP

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Summary

  • Musk, the richest man in the world, sold about 930,000 shares on Monday, a filing with the US Securities and Exchange Commission’s financial regulator showed.

Tesla CEO Elon Musk sold about $ 1.1 billion in shares of his electric car company after he indicated over the weekend that he would sell 10% of his shares according to the results of a Twitter poll.

However, according to filings on Wednesday, the sale was initiated on Sept. 14, meaning it was not spurred by the survey outcome.

Musk, the richest man in the world, sold about 930,000 shares on Monday, a filing with the US Securities and Exchange Commission’s financial regulator showed.

On Saturday, Musk asked his 62-plus million Twitter followers if he should sell 10 percent of his Tesla stock, insisting he would do as voters say. People voted “yes”.

The electric-car maker’s demand followed a proposal by U.S. Congressional Democrats to tax the super-rich more heavily by targeting stocks, which are usually taxed only when sold.

Following the survey, Tesla’s stock price plummeted on Monday, meaning the 50-year-old businessman sold his shares for significantly less than he would have had if he had sold them before his tweet, losing dozens. millions of dollars in unrealized profits.

Musk still holds more than 170 million Tesla shares, according to SEC filings, worth a total of $ 183 billion at Wednesday’s closing price.

On Monday, the Tesla founder exercised 2.15 million stock options, buying the stocks for $ 6.24 each, less than one percent of their current value.

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