December 3, 2021
Musk sells more Tesla shares; stock drops in early trading

Musk sells more Tesla shares; stock drops in early trading

Musk offered about 640,000 shares for roughly $687.3 million, in line with two filings with the U.S. Securities and Trade Fee. To this point this week, the eccentric CEO has offered about 5.1 million shares value about $5.69 billion.

About $1.1 billion of the proceeds will go towards paying tax obligations for stock choices granted to Musk in September. The choices are a part of a compensation package deal Musk and Tesla agreed to in 2018 that supplied the CEO with choices if Tesla hit sure monetary targets. The corporate is now worthwhile and value more than $1 trillion.

Musk’s gross sales to date quantity to simply over 3% of his stake in Tesla. He nonetheless owns about 167.5 million shares, or simply beneath 17% of the corporate, in line with the SEC filings and information supplier FactSet.

Final weekend, Musk mentioned he would promote 10% of his holdings in the corporate, based mostly on the outcomes of a ballot he carried out on Twitter. The sale tweets prompted heavy promoting in the stock Monday and Tuesday. Shares have been down one other 2.2% in early trading on Friday, and are down about 15% for the week.

Musk is Tesla’s largest shareholder and is the wealthiest individual in the world, in line with Forbes, with a internet value of round $278.7 billion.

Tesla Inc. is predicated in Palo Alto, California, though Musk has introduced it can transfer its headquarters to Texas.

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