Elon Musk Sells Another Batch of Tesla Shares for $884 Million

 Elon Musk Sells Another Batch of Tesla Shares for $884 Million

(Bloomberg) — Elon Musk has sold more than three-quarters of the Tesla Inc. shares he’d need to offload to make good on a pledge to cut 10% of his stake in the company.

Most Read from Bloomberg

In the second round of disposals this week, Musk 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.

The world’s richest person has been on a selling spree since he asked his Twitter followers on Nov. 6 whether he should offload 10% of his Tesla stake, to which the majority answered “yes.” At the same time, he’s been exercising options, something he had said he was likely to do toward the end of the year and had set up a trading plan for.

Musk Twitter Poll on Stock Sale Brings Tesla More Legal Trouble

He’s now sold 12.9 million shares for $13.6 billion, while exercising 17 million of the derivatives. The 10% threshold would represent about 17 million shares without taking into account the exercisable options.

Tesla stock has dropped 25% since a peak on Nov. 4.

With a $243 billion fortune, Musk is the world’s richest person, according to the Bloomberg Billionaires Index.

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.

Related post