Tesla’s Elon Musk to sell more shares after selling $ 5 billion

Elon Musk, Tesla’s chief executive officer, announced a sale of an additional 639,737 shares in the electric car maker, regulatory filings showed Friday after selling approximately $ 5 billion in shares after a sale Polled his followers on Twitter.

Musk sold 587,638 shares in his trust in multiple transactions on Nov. 11, priced between $ 1,056.03 (approximately Rs. 78,600) and $ 1,087.88 (approximately Rs. 80,990).

A second filing indicated that Musk sold an additional 52,099 shares in his trust at prices between $ 1,088.01 (approximately Rs. 80,990) and $ 1,104.15 (approximately Rs. 82,200).

Musk, the richest person in the world and Tesla’s top shareholder, tweeted last weekend that he would sell 10 percent of his shares if the users of the social media platform agreed to the move. Days after Musk sold $ 5 billion of the stock, or 3 percent of its total holdings, the first such move since 2016.

In the first round of the stock sale, records showed that Musks Trust sold nearly 3.6 million Tesla shares valued at approximately $ 4 billion (approximately Rs.29,774 billion) while selling an additional 934,000 shares for $ 1.1 billion Cover tax obligations after exercising options to acquire almost 2.2 million shares.

Prior to the sale, Musk owned approximately 23 percent of the shares in Tesla, including stock options.

Musk had previously said that he would have to exercise a large number of stock options over the next three months, which would result in a heavy tax burden. Selling some of its shares could free up funds to pay taxes.

© Thomson Reuters 2021

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