Tech

Elon Musk sells another $906.5 million in Tesla shares

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SpaceX and Tesla CEO Elon Musk sold an additional 934,091 shares of his electric car company, worth about $906.49 million, according to an pair belong to financial records with the Securities and Exchange Commission announced late Monday.

He also exercises a call option of 2.13 million shares at an actual price of $6.24 per share granted to him through a 2012 compensation package.

Shares of Tesla closed down 5% at $966.41 on Monday.

The Tesla CEO and billionaire dollar’s latest insider transactions were part of a “Rule 10b5-1” trading plan on September 14, the filing said. This type of plan allows company insiders to make trades in their own company’s stock at a certain point in time in the future.

Musk, the richest man in the world and the person just named Time Magazine Person of the Year 2021, still has millions of stock options he needs to exercise by August 2022. He revealed at the 2021 Code Conference on September 28 that he is likely to sell a large amount of stock in fourth quarter.

Ever the showman, on November 6 Musk asked his Twitter followers to vote on whether he should sell his 10% stake in the solar and electric car businesses. In his Twitter poll, Musk wrote: “Recently, the majority of unrealized gains are a tax avoidance, so I propose to sell 10% of my Tesla stock. Do you support this? this?”

He gave his tens of millions of followers the option to vote “Yes” or “No” and said he would stick with the results, no matter which way the poll turned out. Show Twitter poll results say about 3.5 million have responded, with 57.9% voting “Yes”.

Following Musk’s poll, Senate Finance Committee Chairman Ron Wyden, D-Ore. wrote in a tweet His own, “Whether the richest man in the world pays any taxes depends on the results of a Twitter poll,” he wrote. “It’s Time for a Billionaire Income Tax.”

Musk, who is against a billionaire’s taxes and President Joe Biden Rebuild better spending, responded to Wyden with a crude retort.

More recently, Musk said at the Wall Street Journal CEO Council Summit that “If you take out all the billionaires, you still won’t solve the deficit” in the United States. He also cursed about the “anti-billionaire” sentiment in the US

Musk still needs to sell about 5 million more Tesla shares to fulfill his Twitter poll promise.

Earlier this month, the CEO also sold Tesla shares in batches worth about $963.2 million and $1.01 billion in stock value, bringing his total of shares sold in December to more than $2.87 billion to date. He sold a total of $9.85 billion in Tesla stock in November.

In addition to Musk, Tesla executives including Chief Financial Officer Zachary Kirkhorn, Chief Accountant Taneja Vaibhav and Senior Vice President of Powertrain and Energy Engineering Drew Baglino also sold Tesla stock and exercise the option in December.

https://www.cnbc.com/2021/12/14/elon-musk-sells-another-906point5-million-worth-of-tesla-shares.html Elon Musk sells another $906.5 million in Tesla shares

Sarah Ridley

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