Saturday, November 13th, 2021
So far for $ 7 billion
Musk sells millions of Tesla shares every day
After his spectacular Twitter vote, Tesla boss Elon Musk is selling other shares in his company. On Friday alone, he is selling 1.2 million papers worth around 1.2 billion dollars. Musk has a clear goal. So the sell-off is not over yet.
Tesla boss Elon Musk sold shares in the electric car manufacturer worth a total of 6.9 billion dollars last week. According to the US Securities and Exchange Commission, Musk sold 1.2 million Tesla securities held by his trust on Friday alone. For the entire week it was a total of 6.36 million.
Musk is the largest shareholder in the electric car maker. On November 6th, he announced the sale of ten percent of his shares via Twitter and linked the implementation to a sensational vote. When the answer was positive for him, he immediately started selling.
The documents at the US Securities and Exchange Commission show that Musk wanted to sell at least part of the shares now sold independently of the Twitter vote and has been preparing this for about two months. The background to this is Musk’s need for cash in order to pay due taxes and To be able to use options to purchase additional Tesla shares.
Tesla stocks have risen massively this year – especially in October. The stock market value of the car maker climbed to more than a trillion dollars in the course of this price rally. Last week, however, there was a slight setback and the paper lost more than 15 percent or around 187 billion dollars in value. The price increase since the start of the year is still more than 46 percent. Tesla continues to be the most valuable automaker in the world. At the close of trading on Friday, the price was over $ 1033.
In order to fulfill his promise to part with ten percent of his shares, Musk still has to get around ten million papers according to Reuters calculations. The exact number depends on how he defines his stake – whether or not he includes his stock options. Musk himself did not comment on the question. Observers do not believe it is ruled out that the sales could lead to further price volatility.
Musk – the richest person in the world according to the Bloomberg Billionaires Index – remains by far the largest investor even after Tesla’s share sales.