Elon Musk Unloads More Tesla Shares After Selling $5 Billion Lots

Tesla CEO Elon Musk revealed the sale of an additional 639,737 shares of the electric-carmaker, after a poll of his followers on Twitter, unloaded stock worth nearly $5 billion (about Rs 37,211 crore).

According to a filing, on November 11, Musk sold 587,638 shares of his trust in a series of transactions ranging from $ 1,056.03 (about Rs 78,600) to $ 1,087.88 (about Rs 80,990).

A second filing showed that Musk sold an additional 52,099 shares of his trust at prices ranging from 1,088.01 (approximately Rs 80,990) to $1,104.15 (approximately Rs 82,200).

Musk, the world’s richest man and Tesla’s top shareholder, tweeted last weekend that he would sell 10 percent of his stock if the social media platform’s users approved the move. Days after Musk disposed of $5 billion worth of stock, or 3 percent of his total holdings, the first such move since 2016.

In the first round of the share sale, the filing revealed that Musk’s trust sold approximately 3.6 million shares in Tesla, valued at approximately $4 billion (about Rs 29,774 crore), while he also sold another 934,000 shares for $1.1 billion (about Rs 8,188 crore). sold for Rs. Cover tax liabilities after exercising options to acquire approximately 2.2 million shares.

Before the sale, Musk owned a roughly 23 percent stake in Tesla, including stock options.

Musk previously said he would have to exercise a large number of stock options over the next three months, which would create a huge tax bill. Selling some of your stock can free up money to pay taxes.

© Thomson Reuters 2021


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