Elon Musk: Sells $ 1.2 Billion More Tesla Shares

Get real time updates directly on you device, subscribe now.

According to CNBC, the news became known after the announcement of the financial statements on Friday night. Musk has owned more than 166 million Tesla shares since the sale.

In the past week, Musk has sold shares of his company, valued at $ 6.9 billion. Some of these shares were sold to meet tax liabilities related to the exercise of stock options.

Of course, these sales had an impact on the share price, which during the week fell by 15.4% – to its worst performance in the last 20 months. At the same time, it was the worst performance of the Tesla share over time, with the exception of the two months of February-March 2020, when the coronavirus pandemic created great turmoil in the markets.

Tesla’s stock has gained 46% during the year, while on November 4 it had set a record, closing at $ 1,229.91.

On November 6, Musk polled more than 60 million of his Twitter followers to vote on whether to sell 10% of his shares, saying their vote would determine the future of his portfolio. However, financial documents submitted during the week showed that some stock sales were scheduled for this week, regardless of the result of the poll.


Source From: Capital

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.