Musk nears Tesla share sale target with $1 billion offload

Elon Musk sold 934,090 shares, according to a filing with the U.S. Securities & Exchange Commission.
Tesla CEO Elon Musk at the unveiling of the Cybertruck at the TeslaDesign Studio in Hawthorne, California.  (Reuters)
Tesla CEO Elon Musk at the unveiling of the Cybertruck at the TeslaDesign Studio in Hawthorne, California. 

Elon Musk sold a further $1.02 billion of Tesla Inc. shares, taking him close to his target of reducing his stake in the electric-car maker by 10%.

The Tesla chief executive officer -- also the world’s richest person -- sold 934,090 shares, according to a filing with the U.S. Securities & Exchange Commission.

Musk has been offloading Tesla stock since asking his Twitter followers in November whether he should sell some of his stake. Musk said in a tweet last week that he was “almost done" trimming his Tesla holding by 10%.

Also check these Vehicles

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
BatteryCapacity Icon75 kWh Range Icon396 km
₹70 Lakhs - 1 Cr
View Details
Tesla Model 3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon82kWh Range Icon 555 km
₹ 70 - 90 Lakhs
View Details
Lexus Es (HT Auto photo)
Engine Icon2487.0 cc FuelType IconMultiple
₹ 56.55 - 62.19 Lakhs
Compare
View Offers
Bmw I4 (HT Auto photo)
BatteryCapacity Icon83.9 kWh Range Icon493 Km
₹ 69.90 Lakh
Compare
Volkswagen Id.7 (HT Auto photo)
UPCOMING
BatteryCapacity Icon77 kWh Range Icon621 Km
₹ 70 Lakhs
View Details
Hyundai Creta (HT Auto photo)
Engine Icon1497 cc FuelType IconMultiple
₹ 11 - 20.15 Lakhs
Compare
View Offers

Also Read : Tesla Model 3, Model Y rolling out from Giga Shanghai at insane speed

The latest sale takes Musk’s total to about 15.6 million shares, for approximately $16.4 billion. He’d need to dispose of about 17 million shares to offload 10% of his stake, assuming his pledge excludes exercisable options.

Tesla climbed 2.3% in U.S. premarket trading. The shares have gained 54% this year.

It’s unclear whether the poll in November had any actual bearing on Musk’s plans. He said months earlier that he was likely to exercise a big block of stock options toward the end of the year, and he set up a trading plan to sell shares before his tweet.

Musk has a net worth of $278.9 billion, up almost 80% this year, according to the Bloomberg Billionaires Index.

First Published Date: 29 Dec 2021, 20:57 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.