Business

Elon Musk sells Tesla shares for $1.05 bn

13:41, 25 November 2021
Elon Musk sells Tesla shares for $1.05 bn Photo: Ding Ting/Xinhua/Global Look Press

Tesla CEO Elon Musk continues to cut his stake in the company, on Tuesday he sold shares for another $ 1.05 billion.


Musk sold 934,000 shares on November 23 after exercising an option to buy 2.15 million shares, according to documents filed with the US Securities and Exchange Commission (SEC). 

On November 8, Musk initiated a poll on Twitter, promising to sell 10% of his Tesla shares if users of the social network vote for such a step. He has already sold 9.2 million securities worth $ 9.85 billion as 58% of respondents voted for the sale, more than 3.5 million people took part in it.

Before the poll, Musk owned more than 17% of Tesla. The value of his share was estimated at more than $ 200 billion, and its 10% stake (about 17 million shares) - almost $ 21 billion. 

Tesla shares are down 9% since November 8. On Tuesday, their value fell 4.1%.

The Wall Street Journal estimates that Musk will have to pay about $3.5 billion in taxes due to the recent exercise of options to buy Tesla shares, and the tax payments could have been higher if the share price had not declined after his Twitter poll. 

The fall in the value of Tesla's shares saved Musk about $ 480 million, the newspaper reported.