Tesla’s Elon Musk has sold shares worth nearly $12 billion in a month
Tesla Chief Executive Officer Elon Musk has sold nearly $12 billion worth of shares over the past month since the world’s richest person polled Twitter users about offloading 10% of his stake in the electric-car maker.
On Thursday, the billionaire sold another 934,091 shares for $963 million to pay for taxes on the exercise of stock options to buy 2.17 million shares in Tesla, according to U.S. securities filings.
He has sold a combined 11.03 million shares and has acquired 12.87 million shares by exercising options since Nov. 8.
Here is a string of transactions he has done:
DATE SHARES ACQUIRED SHARES SOLD GROSS PROCEEDS
NOV. 8 2.2 mln
NOV. 8 934,091 $1.10 bln
NOV. 9 3.1 mln $3.35 bln
NOV. 10 500,000 $527.3 mln
NOV. 11 639,737 $687.3 mln
NOV. 12 1.2 mln $1.24 bln
NOV. 15 2.1 mln
NOV. 15 934,091 $930.7 mln
NOV. 16 2.1 mln
NOV. 16 934,091 $973.4 mln
NOV. 23 2.15 mln
934,091 $1.05 bln
DEC. 2 2.1 mln
934,091 $1.01 bln
Dec.9 2.17 mln
934,091 $963.2 mln
Total 12.87 mln 11.03 mln $11.84 bln
HOW DID MUSK SELL?
Musk said on Nov. 6 he would sell 10% of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23% as of June 30. It included 170 million shares held by his trust.
The tweet was vague. Musk did not outline if he was intending to offload 10% of his shares he indirectly owned through the trust or if his stock options were also part of the deal.
Following the latest transactions on Thursday, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.
(Reporting by Hyunjoo Jin in San Franscisco and Subrat Patnaik and Akash Sriram in Bengaluru; Editing by Nick Zieminski, Arun Koyyur and Sriraj Kalluvila)