Home
Transportation
Transportation News
Tesla’s Elon Musk Offloads More Shares Following Stock Sale Worth $5 Billion

Tesla’s Elon Musk Offloads More Shares Following Stock Sale Worth $5 Billion

Musk earlier disposed of 3 percent of his Tesla shares worth $5 billion (roughly Rs. 37,211 crore).

By Reuters | Updated: 12 November 2021 17:43 IST

Tesla’s Elon Musk Offloads More Shares Following Stock Sale Worth $5 Billion

Elon Musk had said that he would have to exercise a large number of stock options to pay the tax bill

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Elon Musk is Tesla’s top shareholder with 23 percent stake
Filings showed Musk's trust sold nearly 3.6 million shares in Tesla
Selling some of his stock could free up funds to pay the taxes

Tesla Chief Executive Officer Elon Musk disclosed a sale of additional 639,737 shares of the electric-car maker, regulatory filings showed on Friday, after offloading about $5 billion (roughly Rs. 37,211 crore) worth of stock following a poll of his followers on Twitter.

Musk sold 587,638 shares held by his trust on November 11 in multiple transactions at prices ranging from $1,056.03 (roughly Rs. 78,600) to $1,087.88 (roughly Rs. 80,990), according to one of the filings.

A second filing showed that Musk sold an additional 52,099 shares held by his trust at prices ranging from 1,088.01 (roughly Rs. 80,990) to $1,104.15 (roughly Rs. 82,200).

Elon Musk Says High Production, Breakeven Cash Flow 'True Test' for Rivian

Musk, the world's richest person and Tesla's top shareholder, tweeted last weekend that he would sell 10 percent of his stock if users of the social media platform approved the move. Days after Musk disposed $5 billion of the stock, or 3 percent of his total holdings, the first such move since 2016.

In the first round of share sale, filings showed Musk's trust sold nearly 3.6 million shares in Tesla, worth around $4 billion (roughly Rs. 29,774 crore), while he also sold another 934,000 shares for $1.1 billion (roughly Rs. 8,188 crore) to cover tax obligations after exercising options to acquire nearly 2.2 million shares.

Prior to the sales, Musk owned about 23 percent stake in Tesla, including stock options.

Tesla vs Rivian: Five Ways the Two EV Firms Compare

Musk had previously said that he would have to exercise a large number of stock options in the next three months, which would create a big tax bill. Selling some of his stock could free up funds to pay the taxes.

Elon Musk Sells $5 Billion in Tesla Shares After Twitter Poll

Is JioPhone Next the 4G phone for everyone that Reliance promises? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.