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16 Nov 2021

Elon Musk sells more Tesla Inc. shares for about $930 Million

The Index Today

The world’s richest person, Elon Musk offloaded more than 934,000 of Tesla Inc.’s shares on Monday for about $930 million. That adds to the $6.9 billion he already sold last week, just after he tweeted a poll asking whether he should sell of 10% of his Tesla stake. As per the Bloomberg news, the sales were to aid pay taxes on the exercise of 2.1 million options.

Musk’s survey and sales came as the U.S. debates whether the rich are paying enough taxes. In a weekend tweet, U.S. Senator Bernie Sanders said “We must demand that the extremely wealthy pay their fair share,” to which Elon Musk replied, “Want me to sell more stock, Bernie? Just say the word…”

In addition to the Bloomberg news, some of the stock sales were part of a pre-arranged trading plan established in September. The Tesla chief executive officer has millions of stock options he needs to exercise before next August, something he didn’t disclose in the survey. Back in September, he mentioned he was likely to exercise “a huge block” of them toward the end of the year.

Musk would need to sell some 17 million Tesla shares to meet the 10% threshold he gave in the survey. Including his exercisable options, he’d need to sell even more.

According to the Bloomberg Billionaires Index, with a $279.3 billion fortune, Musk is far richer than anyone else in the world. Despite Tesla’s plunge in recent days, the stock has added 44% this year and his fortune has increased by $109.6 billion.

©Photo: (Al Drago/Bloomberg)

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