Elon Musk offered one other $1 billion in Tesla shares on Tuesday
Michele Tantussi | Reuters
Musk has offered a complete of $9.85 billion in Tesla inventory this month, together with the $6.9 billion he offered the week of Nov. 10 and one other $1.9 billion he offered on Nov. 15 and Nov. 16. A few of the shares had been offered partly to fulfill tax obligations associated to an train of inventory choices.
Musk and his belief nonetheless maintain greater than 169 million shares within the firm.
Tesla shares fell 15.4% the week ended Nov. 12, marking the worst week for Tesla inventory in 20 months after Musk started promoting shares. Shares of Tesla had been up about 1% on Wednesday afternoon.
Musk ran a casual Twitter ballot on Nov. 6 asking his greater than 60 million Twitter followers whether or not or not he ought to promote 10% of his Tesla inventory. The ballot in the end ended with customers telling Musk to promote.
However, Musk had already indicated earlier this yr he was prone to promote “an enormous block” of his choices within the fourth quarter. Throughout an look on the Code Convention in September, he stated when his inventory choices expire at Tesla, his marginal tax charge could be over 50%.
CNBC’s Lora Kolodny contributed to this report.
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Correction: Up to date to mirror shares of Tesla fell 15.4% for the week ended Nov. 12, not the week ended Nov. 19.