Elon Musk just sold $5 billion in Tesla stock, but the move was planned weeks before asking his Twitter followers whether he should sell 10% of his shares
Tesla CEO Elon Musk

Yichuan Cao/NurPhoto by the consume of Getty Photography

  • Elon Musk equipped $5 billion in Tesla shares after exercising 2.15 million in stock alternate choices priced at $6.24 each on Monday.
  • Musk no longer too lengthy prior to now asked Twitter whether or no longer he must promote 10% of his shares, and his followers acknowledged yes.
  • Nonetheless Musk’s thought to promote his hang shares used to be in declare weeks earlier, and he offloaded only about 3% of his Tesla holdings.

Tesla CEO Elon Musk equipped round $5 billion in shares in the electrical-vehicle maker, in retaining with regulatory filings on Wednesday.

On Monday, Musk exercised 2.15 million stock alternate choices at a designate of $6.24 each, for a total designate of $13.4 billion. He then equipped 934,000 shares at varying costs, in the waste gathering bigger than $1.1 billion from the gross sales.

Over the next two days, his have faith dumped nearly 3.6 million shares, totaling about $4 billion.

Musk’s strikes attain correct days after he asked his Twitter followers in a poll whether or no longer he must promote 10% of his shares in Tesla amid a swirling debate among policymakers about whether or now to no longer expand taxes on the extremely-filthy rich.

Of the 3.5 million Twitter users who participated in the poll, nearly 60% voted in select of Musk’s proposed sale.

Nonetheless, Musk’s hang accurate stock gross sales this week had been section of a pre-scheduled thought that had been attach in declare on September 14, – weeks earlier than he posted the Twitter poll – in retaining with the regulatory filings.

Insider’s Tim Levin also reported this week that Musk used to be doubtless planning to exercise the alternate choices, issued in 2012, because they had been plight to expire next year – and that he faces a tax invoice a minimal of $10 billion, in retaining with Wedbush Securities, which might perhaps perhaps perhaps well additionally existing why he wished to liquidate some shares.

Nonetheless Musk offloaded a ways no longer as much as his Twitter poll urged he might perhaps perhaps well. In accordance with the filings, Musk owns 170.5 million shares to boot to to the 2.15 million he exercised on Monday, that blueprint his sale of 4.5 million portions to no longer as much as 3% of his total Tesla holdings.

Following the poll, Tesla’s portion designate plunged, with analysts announcing the stock might perhaps perhaps well additionally dwell unstable till Musk followed through on his promise to abide by the poll results “whichever manner it goes.”

In the past two days, Musk’s gain price has fallen round $50 billion, but he’s restful the arena’s richest individual.

Tesla’s shares had been up nearly 3% in after-hours Trading following reports of the filings.

This sage used to be as much as this level with data on the have faith portion sale.

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