Elon Musk continues with the massive sale of Tesla shares
Tesla CEO Elon Musk has executed a new sale of shares in the automotive company valued at $1.01 billion. According to filings with the U.S. Securities and Exchange Commission, the tycoon offloaded 934,091 shares in order to meet his tax obligations arising from the exercise of stock options for 2.1 million shares.
Since last November 8, Musk’s financial activity has been intense. The businessman has exercised purchase options on a total of 10.7 million shares, proceeding to sell 10.1 million of them, which represents an approximate value of 10.9 billion dollars. Currently, Musk still has pending purchase options on nearly 10 million additional shares, which are scheduled to expire in August 2022.
The origin of the decision: a public consultation
This series of stock market movements has its origin in a poll conducted by Musk himself on his Twitter account on November 6th. In said post, the founder of Tesla asked his followers if he should sell 10% of his stake in the company, committing to abide by the result. The inquiry arose in a context of political debate regarding the possible implementation of new taxes on large fortunes in the United States.
57.9% of the more than 3.5 million participants in the poll voted in favor of the sale, which marked the beginning of Musk’s progressive divestment from the electric vehicle company.
An unprecedented heritage
Despite these operations, Elon Musk’s financial situation continues to reach historic figures. The co-founder of Tesla and SpaceX recently solidified his position as the first person in history to exceed $300 billion in net worth. This exponential growth has been remarkable in recent months:
- At the beginning of October, his fortune was estimated at 190.5 billion dollars.
- In April 2021, the value of his assets reached 151 billion.
- In April 2020, his net worth stood at 24.6 billion dollars.
With a fortune that reached a daily increase of 13.4 billion dollars, Musk remains the most influential and wealthy figure in the technology and automotive sector globally.
