HomeWorld NewsElon Musk sold another $1 billion in Tesla shares on Tuesday

Elon Musk sold another $1 billion in Tesla shares on Tuesday

SpaceX founder and Tesla CEO Elon Musk visits the development website of Tesla’s gigafactory in Gruenheide, close to Berlin, Germany, Could 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk bought about $1.05 billion in inventory on Tuesday night, in accordance with monetary filings posted this week. The gross sales had been scheduled in September to train choices that had been set to run out in 2022.

Musk has bought a complete of $9.85 billion in Tesla inventory this month, together with the $6.9 billion he bought the week of Nov. 10 and one other $1.9 billion he bought on Nov. 15 and Nov. 16. Among the shares had been bought partly to fulfill tax obligations associated to an train of inventory choices.

Musk and his belief nonetheless maintain greater than 169 million shares within the firm.

Tesla shares fell 15.4% the week ended Nov. 12, marking the worst week for Tesla inventory in 20 months after Musk started promoting shares. Shares of Tesla had been up about 1% on Wednesday afternoon.

Musk ran an off-the-cuff Twitter ballot on Nov. 6 asking his greater than 60 million Twitter followers whether or not or not he ought to promote 10% of his Tesla inventory. The ballot in the end ended with customers telling Musk to promote.

However, Musk had already indicated earlier this yr he was prone to promote “an enormous block” of his choices within the fourth quarter. Throughout an look on the Code Convention in September, he stated when his inventory choices expire at Tesla, his marginal tax price can be over 50%.

CNBC’s Lora Kolodny contributed to this report.

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Correction: Up to date to replicate shares of Tesla fell 15.4% for the week ended Nov. 12, not the week ended Nov. 19.

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