Elon Musk is on a spree to sell Tesla shares, offloads another 934,091 stocks
Tesla CEO Elon Musk seems to be on a spree of offloading stocks of the electric car major, as he has sold off more Tesla shares. The US billionaire seems to be accelerating his disposal of Tesla shares after last month’s Twitter poll, as he has been exercising more options.
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The world’s richest person offloaded another 934,091 shares worth around $906.5 million to cover taxes on the exercise of 2.1 million options, as revealed by the regulatory filings on Monday.
Musk has already sold almost 12 million Tesla shares since he pledged on Twitter to get rid of 10 per cent of his total Tesla stake, which would amount to around 17 million shares without taking into account his exercisable options.
Elon Musk said in September this year that he would probably exercise a large chunk of options toward the end of the year and put a trading plan in place. Though the stock offloading began after he asked his Twitter followers on November 6, whether he should reduce his shares in the American EV major. The overwhelming answer was “yes," with around 58 per cent votes for it.
Musk started his selling spree the following Monday. However, the selling of stocks was not exactly linked to the Twitter poll, but it was already planned months before. The Twitter poll was simply to garner attention.
Since then, Elon Musk got rid of $12.7 billion worth of Tesla stocks, which include exactly 934,091 shares in each of the last six sales. Musk has exercised almost 15 million options. Since Elon Musk has been selling off Tesla stocks, the EV maker's stock has lost 21 per cent from a peak on November 4, trimming its gain of this year to 37 per cent.
Meanwhile, Elon Musk has been named Person of the Year by Time magazine. In 2021 alone, he has added almost $98 billion to his fortune and is now worth $253.6 billion, as revealed by the Bloomberg Billionaires Index.