Elon Musk Sold More than 934,000 Shares of Tesla
Analysts, investors, and others are closely monitoring Elon Musk’s decisions. Tesla’s CEO Musk sold another 934,091 shares of his electric car company, which are worth around $906.49 million.
Tesla’s CEO also exercised options to buy 2.13 million shares at the price of $6.24 per share. This was granted to him via a 2012 compensation package. On Monday, the company’s shares fell 5% to $966.41.
The latest insider transactions by Tesla’s CEO were part of a “Rule 10b5-1” trading plan dated September 14, filings said. Interestingly, this type of plan allows company insiders to execute trades in their own company’s stock for a set, future date.
The company’s CEO still has millions of stock options that he needs to exercise by August 2022. He revealed at the 2021 Code Conference several months ago that he would likely sell a large chunk of stock in the fourth quarter.
In November, Musk asked his followers on Twitter to vote on whether or not he should sell a 10% chunk of his holdings in the electric car and solar business. A billionaire investor gave his followers the option of a “Yes” or “No” vote. He stated he would abide by the results. Twitter’s poll results showed that about 3.5 million followers responded, with 57.9% voting “Yes.”
Elon Musk and taxes
After Elon Musk’s poll, senator Ron Wyden wrote a tweet of his own. “Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” Wyden stated.
The world’s wealthiest person is against a billionaire’s tax. Elon Musk responded to Ron Wyden with a crude retort.
He still needs to sell about another 5 million shares of Tesla to fulfill the promise he made to his followers.
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