Elon Musk Isn’t Done: Nearly $5 Billion in Tesla Stock Sold This Week, Show New Filings

On Wednesday evening it was revealed Elon Musk had started selling Tesla shares, following through on the promise from his weekend Twitter poll.

While mandatory filings with the SEC showed Musk had sold over 676,000 shares of Tesla, after exercising 2.15 million stock options (at $6.24/share), later filings made public on Wednesday night reveal even more stock selling activity from the Tesla CEO.

According to Marketwatch reporter Jeremy Owens, here are the numbers from Musk’s Tesla share sales:

  • Over 934,091 shares sold on Monday, Nov. 8 (planned from mid-September)
  • Over 3,088,047 shares sold on Tuesday, Nov. 9
  • About 500,000 shares sold on Wednesday Nov. 10 (215 separate transactions)

After it was all said and done, Musk sold over 4,522,138 Tesla shares for roughly $4.997 billion. In order to sell 10% of his Tesla shares as he promised on Twitter, Musk would need to sell at least 12.5 million more shares, reports Marketwatch.

Why is Musk selling these Tesla shares? Simply put, he needs to raise money to pay a major tax bill of about $12.5 billion for exercising his stock options. Musk lives a simple life and doesn’t hold billions in cash. This explainer from Fortune is the best we’ve seen.

In after-hours trading, Tesla was up 2.63%. Shares of the company closed Wednesday trading up 4.34% at $1,067, ending a recent multi-day sell-off that saw record highs reached last week.