After a few days off, Elon Musk resumed sales of Tesla shares and is now more than halfway there to keep his promise to sell 10 percent of his stake in the electric car manufacturer.
The billionaire sold another 934,091 shares for $ 1.05 billion, according to regulatory documents late Tuesday. He also exercised 2.15 million stock options, and the sale was made to cover taxes related to that transaction, the documents showed.
With the latest divestments, Musk has now dumped 9.2 million shares and collected about $ 9.9 billion in profit since he took a survey on Twitter where he asked if he would sell 10 percent of his stake in Tesla. Some of that money goes to taxes.
To reach the 10 percent threshold, Musk would need to sell approximately 17 million shares, or approximately 1.7 percent of the company’s outstanding shares. If your exercise options are reported in your public property, you would need to sell even more.
Musk has exercised millions of options since the Twitter survey, all of which were less than a year from their expiration date. In September, it established a predetermined trading plan to implement “an orderly sale of shares related to the exercise of share options”, the notifications show. The Twitter survey on November 6 did not reveal the existence of such a plan.
Tesla’s shares have declined 9.4 percent after initially falling after the survey. Its tokens on the FTX crypto exchange fell to $ 1,0102.70 at. 12:38 a.m. in Hong Kong on Wednesday after closing at $ 1,110,103 in New York.
Musk, 50, is the richest man in the world with a fortune of $ 303.7 billion, according to the Bloomberg Billionaires Index. He has added $ 133.9 billion to his net worth this year, more than anyone else, amid a 57 percent rise in Tesla shares.