Elon Musk sells another $ 1 billion in Tesla shares By Benzinga Spain

Elon Musk sells another $ 1bn in Tesla stock

Tesla Inc (NASDAQ 🙂 CEO Elon Musk sold $ 1 billion in shares of the automaker on Tuesday, according to filings with the U.S. Securities and Exchange Commission (SEC).

What Happened The filings, which were made Tuesday, indicate that Musk exercised options to buy 2.15 million stock options at $ 6.24 each and that he sold 934,091 shares.

Tesla shares closed at $ 1,109.03 on Tuesday, which would value the sale at $ 1.03 billion.

As can be read from the presentation, “the common shares were sold solely to satisfy the withholding tax obligations of the reporting person.”

Why It Matters Musk has been selling stocks for a while to meet withholding tax obligations. The sales came after the CEO of Tesla conducted a survey of his Twitter (NYSE 🙂 followers on Nov. 6, asking if he should sell 10% of his shares. However, according to the information gathered, the plan was put in place months before the survey was conducted.

On Friday, it was announced that the total shares Tesla sold during the week were valued at $ 5.7 billion.

The Tesla CEO does not receive a salary and is compensated through a stock option plan. Musk faces a $ 15 billion tax bill and likely would have sold the stock regardless of the survey result.

Also read: Elon Musk sells $ 950M more in Tesla shares

According to the latest filings, the trading plan was adopted on September 14, with the purpose of carrying out “an orderly sale” of shares related to the exercise of options scheduled to expire in 2022.

Earlier this year, Musk noted that he only sells Tesla stock when “there is no other option.”

Photo: Courtesy of Nvidia (NASDAQ 🙂 via Flickr

Read the article also in Benzinga Spain

Legal warning: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Phone : +1 281-333-2229

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker