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Thursday, December 2, 2021

Elon Musk sells $5 billion of Tesla shares following Twitter poll

Tesla chief Elon Musk has sold $5 billion worth of his company’s shares following a poll that he launched on Twitter.

Yesterday, Musk sold 900,000 shares of his company for $1.1 billion (€958 million) after launching a poll on Twitter that asked people if he should sell 10% of his stake in the company.

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An overall figure of $5 billion (€4.5 billion) was reached through sales from Monday to Wednesday.

The result of the poll, which Musk said he would abide by, revealed that 58% of the 3.5 million votes were in support of the company’s sale.

Musk used the proceeds of Monday’s sale to pay off tax obligations as a result of stock options that he exercised that day.

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Tuesday’s and Wednesday’s sales were signalled to the market in two regulatory filings.

The filings reveal that Musk sold about one million in shares to cover taxes on 2.1 million shares he picked up at $6.24 in 2012.

The documents do not detail whether Musk will continue selling until the 10% target, which is estimated to be valued at $20 billion (€17.4 billion).

IMAGE – “Elon Musk Dreaming of a Brighter Future” by jurvetson is licensed under CC BY 2.0

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