Wednesday 17th November 2021
$ 8.8 billion for stocks
Musk gets almost halfway through his goal
For the seventh day in a row, Elon Musk is selling a large block of shares. The retail price is almost a billion US dollars. The Tesla boss is sticking to his plan, which he announced a long time ago and then had it confirmed again by Twitter vote.
Tesla CEO Elon Musk sold more shares worth $ 973 million on Tuesday, almost half of his goal of selling ten percent of his Tesla stake. Musk sold a large block of shares for the seventh trading day in a row.
The richest man in the world recently asked his Twitter followers if he should sell ten percent of his more than 170 million shares. The proposal prevailed with around 58 percent of the votes cast. The package was worth around $ 21 billion at the time, but the stock price fell according to the survey.
According to the Securities and Exchange Commission (SEC), Musk exercised additional options Tuesday and sold more than 934,000 shares. That followed a $ 930 million stock sale on Monday. In total, Musk has sold approximately 8.16 million shares for $ 8.8 billion since Nov. 8, the day after his Twitter poll. Some of the stock sales were initiated long before the poll was released.
Musk has millions of stock options that he must exercise by August 2022. He said in September that he intended to sell a large portion of his stock in the fourth quarter. CNBC reported last week that Musk faces a tax burden of roughly $ 15 billion on these options.