Musk sells Tesla shares worth $1.01 billion

Elon Musk sells Tesla shares worth over $1 billion to meet tax obligations

Tesla Inc Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker for $1.01 billion, a US securities filing showed Thursday. 

According to the filing, he also exercised stock options to buy 2.1 million shares of Tesla.

In early November, the world’s richest man tweeted that he would sell 10% of his stock if the social media platform’s users approved. 10% shares would be around 17 million shares at the time of his tweet. Most of them had agreed to the sale. He has sold 6.36 million shares that week – about 37% of the 17 million.

Since November 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.

On 13 November, he needed to sell about 10 million more shares to meet its pledge to sell its 10% stake. Tesla shares fell 15.4% that week and lost nearly $187 billion in market value. 

Since then, he has sold 9.2 million shares worth $9.9 billion. Last Tuesday, Musk sold 934,091 shares to meet tax withholding obligations related to the exercise of stock options.

After a flurry of option exercises, Musk still has the option to buy about 10 million more shares at $6.24 each, expiring in August of next year.