December 3, 2021

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Elon Musk sells the last billion dollars of Tesla stock

November 24, 2021 | 3:57 pm

CEO TeslaAnd Elon Musk, sold about 1.05 billion dollars in proceduresAccording to financial documents released this week.

According to CNBC, sales are scheduled for September to exercise options that were due to expire in 2022.

This month, Musk sold a total of $9.85 billion in Tesla Arrow, including $6.9 billion sold in the week of November 10 and $1.9 billion sold on November 15 and 16.

Some shares were sold in part to meet tax obligations related to the exercise of stock options.

Musk and his trust still own more than 169 million shares in the company.

Read also: Elon Musk sells $690 million in Tesla stock after Twitter poll

In the week ending November 12, Tesla shares fell 15.4%, marking the worst week for its shares in 20 months, after Musk began selling shares.

In the Wednesday session, Tesla shares closed 0.63% higher at $1,116, according to data from Investing.com.

On November 6, Musk conducted an informal poll on Twitter asking more than 60 million followers on the network whether or not he should sell 10% of Tesla stock. The survey finally ended when users asked Musk to sell.

However, Musk already indicated earlier this year that he will likely sell a “large batch” of his options in the fourth quarter. During an appearance at Code conference in September, he said that when his Tesla stock options expire, his marginal tax rate will be more than 50%.