Elon Musk Enters the Home Stretch of His Tesla Share Sales1 min read

(Bloomberg) — Elon Musk offloaded a second batch of Tesla Inc. shares in a matter of days and is now three-quarters of the way done selling 10% of his stake in the company.

Most Read from Bloomberg

Tesla’s chief executive officer got rid of 934,091 shares for more than $884 million, according to regulatory filings dated Thursday. The sales were to pay for taxes on the exercise of 2.2 million options.

Musk has been on a selling spree since he asked Twitter users on Nov. 6 whether he should offload part of his stake in the electric-car maker. The world’s richest person had said he would exercise options toward the end of the year and had set up a stock-trading plan prior to the poll.

Read more: Musk’s Stock Sale Twitter Poll Brings Tesla More Legal Trouble

Musk has now sold 12.9 million shares for $13.6 billion. He’ll need to dispose of about 17 million shares to offload 10% of his stake, assuming his pledge excludes exercisable options.

Tesla shares fell 1.7% as of 5:30 a.m. New York time Friday, before the start of regular trading. The stock has dropped 25% from its peak on Nov. 4.

Musk, 50, remains the world’s richest person with a $243 billion fortune, according to the Bloomberg Billionaires Index.

(Updates with early trading of Tesla shares in the fifth paragraph.)

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.

Get more stuff like this

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Leave a Reply

I accept the Privacy Policy

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Pin It on Pinterest

Share This