Elon Musk, the Person of the Year chosen by TIME and The Financial Times, continues to make good on this promise to sell 10% of his stake in Tesla, following through on his Twitter poll from early November, when a majority of followers voted ‘yes’.
According to new SEC filings on Thursday, Musk sold 934,091 Tesla shares worth over $884 million, after he exercised 2.2 million stock options. The sale of the shares helps Musk pay for the taxes on the gains from his options, part of a 2012 compensation package.
This marks the second time this week Musk has exercised stock options and sold shares afterwards; he has now offloaded over 75% of the Tesla shares required to follow through on his promise of selling a 10% stake in Tesla.
@elonmusk sold 934,091 shares today for $884M ($946/share avg), bringing his 6-week total to 12.9M shares (76% of target) and his exercised option total to 17.1M (75% of target). Elon’s haphazard process of selling shares (2% of float) has caused $TSLA to fall -24% vs -3% NDX. pic.twitter.com/raNcucFq7V
— Gary Black (@garyblack00) December 17, 2021
Back on December 13, Musk sold 934,091 shares, after exercising 2,134,440 stock options.
To date, Musk has sold 12.9 million shares for $13.6 billion, after exercising 17 million stock options, reports Bloomberg. Musk needs to sell 17 million shares to meet his 10% threshold. Musk is currently the world’s wealthiest person, worth $243 billion according to the Bloomberg Billionaires Index.
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