Business

Musk’s pledge to sell 10% of Tesla’s stock is completed by 60%

18:50, 03 December 2021
Musk’s pledge to sell 10% of Tesla’s stock is completed by 60% Photo: Ding Ting/Xinhua/Global Look Press

The entrepreneur has sold another portion of Tesla shares worth slightly over $1 bln following the opinion poll in which Twitter users voted for the selloff.


Tesla CEO Elon Musk has sold another 934,000 Tesla shares estimated to reach $1.01 bln, regulatory filings showed.

After this Thursday offload the total number of stock sold by Musk surpassed a 10-million threshold which makes around 60% of the target. The shares’ price varied from approximately $1,050 to $1,100 per unit.

Despite having sold over 10 mln shares, the businessman also exercises options to buy stocks at $6.24 each. He has already purchased some 10.7 mln shares and is expected to buy another 10 mln units as the option expires in August 2022.

The suggestion to sell 10% of the stock came to Musk as US Democrats push their project to make billionaires pay a tax on unrealized gains from their assets, like shares. More than 3.5 mln users participated in the voting and 57.9% of them decided that Musk should sell 10% of his stock.