Elon Musk sells over $1.1 billion of Tesla stock

Elon Musk, Tesla CEO, stands within the foundry of the Tesla Gigafactory throughout a press occasion.

Patrick Pleul | image alliance | Getty Pictures

In response to financial filings out Wednesday, CEO Elon Musk is promoting a block of Tesla shares through a plan that he set in movement on September 14 this 12 months. The gross sales quantity to greater than 930,000 shares price over $1.1 billion. He nonetheless holds greater than 170 million shares.

Musk offered these shares partially to fulfill tax obligations associated to an train of inventory choices.

Earlier than the sale plan was made public, Elon Musk requested his 62.5 million Twitter followers to vote in an off-the-cuff ballot, telling them their vote would decide the way forward for his Tesla holdings. The filings reveal that, the truth is, he knew a few of his shares have been slated on the market this week.

Following the Twitter ballot, shares of Tesla slumped extra 15% over Monday and Tuesday, earlier than rebounding greater than 4% on Wednesday.

Beforehand, Musk signaled that he was prone to promote “an enormous block” of his choices within the fourth quarter. At an look on the Code Conference in September, Musk mentioned when his inventory choices expire at Tesla, his marginal tax price can be over 50%.

Present and former board members together with chairwoman Robyn Denholm, Elon Musk’s brother Kimbal Musk, Ira Ehrenpreis and Antonio Gracias have offloaded tons of of thousands and thousands of {dollars} price of Tesla shares since Oct. 28 after Tesla’s market cap surpassed $1 trillion.

Kimbal Musk offered round $109 million price of his shares the simply earlier than his brother’s Twitter ballot and deliberate sale commenced.

It is a creating story, please verify again for updates.

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