Elon Musk sells another $1bn worth of Tesla shares

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Elon Musk has sold another $1.05bn of Tesla stock this week, according to financial filings.

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The Tesla CEO has now sold $9.85 billion of stock in the electric vehicle company, which is valued at about $1.10 trillion this month.

Mr Musk, the world’s richest man with a personal net worth of $300bn, posted a Twitter poll on 6 November asking his more than 60 million followers if he should sell 10 percent of his stock in the company.

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The poll ended with Twitter users saying they should make the sale, and Mr Musk followed through with his promise to do so.

During the week of November 10, he sold $6.9bn worth of shares and another $1.9bn the following week.

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Shares of the company fell 15.4 per cent in the week ended November 12, the worst weekly performance for the world’s most valuable automaker Tesla in 20 months.

Observers say the sale was made so the entrepreneur could cover tax obligations associated with his exercise of Tesla share options built into his deal with the company.

Despite the sale, Mr. Musk still owns more than 169 million shares in the company, up 0.63 percent as of Wednesday and worth $1,116 each.

Mr Musk, 50, has added an estimated $133.9 billion to his net worth this year, as Tesla shares jumped 52 percent in value in 2021.

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Credit: www.independent.co.uk /

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