The Person of the Year according to Time Magazine, has sold another 934,091 of Tesla’s shares. Elon Musk is counting on selling his shares of the electric vehicle maker, the last one worth $906.5 million.
The world’s richest person offloaded another 934,091 shares worth around $906.5 million to cover taxes on the exercise of 2.1 million options, as revealed by the regulatory filings on Monday.
In addition, Tesla’s CEO also exercised stock options to buy 2.13 million shares of the company.
But when will he stop?
The billionaire still needs to sell about another 5 million shares. But why? Because he made a promise to sell 10% of his Tesla stock in the Twitter poll. Which is nearly 17 million shares.
It all started on Nov. 6, when Musk asked his followers on Twitter to vote on a poll. He wrote: “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?”
3.5 million voted, and the result was “Yes” with 57.9%. But apparently, the selling was already planned months before, and the Tweet was just to make some suspense.
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Since then, Elon Musk has sold $12.7 million worth of Tesla’s shares. In the last six sales, he sold 934,091 shares every time.
After Elon Musk announced that he will sell part of his shares, Tesla’s stock has lost 21% from a peak on November 4.
On Monday, Tesla’s shares closed down 5% at $966.4.