Elon Musk Sells Tesla Shares
Tesla CEO Elon Musk sold nearly $5 billion in Tesla stock, according to financial filings out Wednesday evening – just days after conducting a Twitter poll asking his fans if he should dispose of 10% of his stake in the electric carmaker.
Musk sold these shares in part to satisfy tax obligations related to an exercise of stock options.
According to filings with US securities regulators, Musk exercised options Monday and then sold nearly half of the 2.1 million shares he received, raising about $1.1 billion in cash to pay taxes relating to the transaction.
Musk then sold another 3.6 million shares of Tesla stock on Tuesday and Wednesday, according to additional filings. Those sales were worth about $3.9 billion.
Citadel CEO Ken Griffin, speaking at the DealBook Online Summit on Wednesday, said he personally did not want to see Musk sell. “Individuals like Elon Musk, like Jeff Bezos, have transformed life, and we want to keep them in control of their companies, as long as they’ve got the energy and the ambition to keep moving the business forward.”
Wow, Elon Musk actually sold Tesla stock. Now investors will wonder how much more of the electric vehicle stock is left to sell.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.