Elon Musk Sells Over $884 Million in Tesla Shares After Exercising More Options
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.