- Tesla CEO Elon Musk’s trust sold about $1.05 billion in stock on Tuesday evening, according to financial filings posted this week.
- It has offloaded a total of $9.85 billion in stock over the past two weeks.
- He still holds more than 169 million shares in the electric vehicle company.
Tesla CEO Elon Musk sold nearly $1.05 billion in stock on Tuesday evening financial filing Posted this week. The sale was scheduled in September to exercise the options which were due to expire in 2022.
Musk sold a total of $9.85 billion in Tesla stock this month, including $6.9 billion he sold in the week of November 10 and $1.9 billion he sold on November 15 and 16. Some shares were sold to partially meet tax obligations related to the exercise of stock options.
Musk and his trust still hold more than 169 million shares in the company.
Tesla shares fell 15.4% last week, marking the worst week for Tesla stock in 20 months after Musk began selling shares. Tesla shares were up about 1% on Wednesday afternoon.
Musk ran an unofficial Twitter poll on November 6 and asked his more than 60 million Twitter followers whether he should sell 10% of his Tesla stock. The poll eventually ended with users asking Musk to sell.
But, Musk already indicated earlier this year that he was likely to sell “a large block” of his options in the fourth quarter. During an appearance at the Code conference in September, he said that when his stock options in Tesla expire, his marginal tax rate will exceed 50%.
Businesshala’s Lora Kolodny