Billionaire businessman Elon Musk has sold another $1 billion in Tesla shares.
Tesla CEO Elon Musk has resumed the sale of shares in the electric auto manufacturer Tesla, after a few days’ hiatus. Thus, it is more than halfway through fulfilling its commitment to sell 10 percent of its stake in the company.
The billionaire businessman sold 934,91 more shares for $1.05 billion, according to a statement made to the regulator on Tuesday. Musk also traded 2.15 million stock options, and the stock sales in question were made to cover the taxes arising from that transaction.
Most of the Money Will Go to Tax Payments.
With the recent sales, Musk has now sold 9.2 million Tesla shares, making about $9.9 billion from those sales, since his Twitter poll on whether he should sell 10 percent of his stake in Tesla. Most of this money will go towards tax payments.
To reach the 10 percent threshold, Musk must sell 17 million shares, or 1.7 percent of the company’s outstanding shares. If Musk’s exercised options are added to his overall stake in the company, he will need to sell even more shares.
