- Tesla CEO Elon Musk’s trust sold about $1.2 billion in Tesla stock, according to financial filings posted Friday evening.
- Musk still owns more than 166 million shares in the company.
- Tesla stock fell 15.4% for the week, marking the company’s worst one-week performance in 20 months.
Tesla CEO Elon Musk’s trust sold nearly $1.2 billion in Tesla stock on Friday, according to financial filings posted Friday evening. He still holds over 166 million shares in the company.
Musk sold about $6.9 billion worth of stock in the company during the week. Some shares were sold partly to meet tax obligations related to the exercise of stock options.
Those sales affected the company’s stock price. Tesla stock fell 15.4% for the week, marking the company’s worst one-week performance in 20 months. It was the worst week ever for Tesla stock, except for falls in February and March 2020, as the coronavirus pandemic sent markets down.
Tesla Shares Still Up About 46% year over year following a record closing price of $1,229.91 on November 4, 2021.
On November 6, Musk asked his more than 60 million Twitter followers to vote in an informal poll, telling them that their vote would determine the future of his Tesla holdings. Financial documents filed during the week show that some were set for sale this week, whatever the outcome of the election.
Previously, Musk indicated that he was likely to sell “a large block” of his options in the fourth quarter. In an appearance at the Code conference in September, Musk said that when his stock options in Tesla expire, his marginal tax rate will exceed 50%.
—Businesshala’s Lora Kolodny