Elon Musk Continues to Sell Tesla’s Shares
Two days ago, Tesla’s CEO Elon Musk sold about $1.05 billion in stock according to financial filings. He sold a total of $9.85 billion in stock this month, including the $6.9 billion Musk sold the week of November 10.
Elon Musk also sold $1.9 billion in stock on November 15 as well as November 16. Tesla’s CEO sold some of the shares to meet tax obligations related to an exercise of stock options. Still, Elon Musk and his trust hold more than 169 million shares in the company.
Tesla’s shares dropped 15.4% the week ended November 12, making the worst week for the company’s stock in more than a year after the company’s CEO began selling shares.
Elon Musk and his Twitter account
Musk ran an informal Twitter poll several weeks ago asking his followers whether or not he should sell 10% of the stock. Followers told Elon Musk to sell.
Nonetheless, he already indicated earlier this year that he was likely to sell “a huge block” of his options. In September, the company’s CEO spoke at the Code Conference. One of the most extravagant billionaires made an interesting comment about his stock options. He stated that when his stock options expire at Tesla, his marginal tax rate will be over 50% and that he was already planning to sell soon.
The wealthiest person in the world spent his childhood in South Africa. Tesla’s future CEO wrote and sold the code for a video game when he was 12 years old. However, Musk’s dreams lay on the other side of the world in America.
He became a citizen of Canada and moved to Canada when he was a teenager. Elon Musk did this in the knowledge that it would be easier to enter the U.S. from Canada.
After studying at Queens College in Canada for two years he moved to the U.S. He graduated from the University of Pennsylvania with a degree in economics and later a degree in physics.
Elon founded the web software company Zip2 along with his brother Kimbal. They sold Zip2 to Compaq for $307 million. Musk knows how to reach great results. Elon co-founded online bank X.com, which became PayPal after merging with Confinity in 2000. eBay paid $1.5 billion for PayPal in 2002. He founded another company SpaceX in 2002. The world’s wealthiest person also helped to transform Tesla from a small company into the most well-known electric vehicle maker.