Technology

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

elon-musk-sold-another-1-billion-in-tesla-stock-on-tuesday

SpaceX founder and Tesla CEO Elon Musk visits the construction site of Tesla’s Gigafactory in Grünheide near Berlin on May 17th, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold roughly $ 1.05 billion in shares on Tuesday evening, according to financial documents released this week. The sales were scheduled in September to exercise options that should expire in 2022.

Musk sold a total of $ 9.85 billion in Tesla stock this month, including the $ 6.9 billion he sold the week of November 10 and another $ 1.9 billion, which he sold on November 15th and 16th. Some of the stocks were partially attached. sold to meet tax obligations in connection with the exercise of stock options.

Musk and his trust still own more than 169 million shares in the company.

Tesla stock fell 15.4% for the week ending November 12, marking its worst week for Tesla stock in 20 months after Musk began selling stocks. Tesla stock rose about 1% on Wednesday afternoon.

Musk conducted an informal Twitter poll on Nov. 6, in which he asked his more than 60 million Twitter followers whether or not to sell 10% of his Tesla shares. The survey eventually ended with users asking Musk to sell.

But Musk had indicated earlier this year that he would likely sell “a huge block” of his options in the fourth quarter. Speaking at the Code Conference in September, he said that when his stock options expire with Tesla, his marginal tax rate would be over 50%.

CNBC’s Lora Kolodny contributed to this report.

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Correction: Updated to take into account that Tesla stock was down 15.4% for the week ending November 12, not the week ending November 19.

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