Musk offloads US$528M Tesla shares as 10% stake unwinds
BNN Bloomberg
Elon Musk sold yet more shares in Tesla Inc. for US$528 million, meaning he’s now more than three-quarters of the way to making good on his pledge to sell 10 per cent of his stake in the electric- car maker.
Elon Musk sold yet more shares in Tesla Inc. for US$528 million, meaning he’s now more than three-quarters of the way to making good on his pledge to sell 10 per cent of his stake in the electric- car maker.
Musk has been offloading Tesla stock since asking his Twitter followers in November whether he should sell some of his stake. He said he would exercise options toward the end of the year and set up a share-trading plan prior to the poll.
The billionaire has now sold around 13.5 million shares for about US$14.1 billion, regulatory filings show. He’ll need to dispose of some 17 million shares all up to offload 10 per cent of his interest in the U.S.-based EV pioneer, assuming his pledge excludes exercisable options.
Tesla has declined by about a quarter since a peak on Nov. 4, just prior to Musk’s Twitter poll, to which the majority of answered “yes.” The shares rose 2.1 per cent in premarket trading after closing at US$938.53 in New York on Tuesday.
Musk, 50, is the world’s richest man, atop of the Bloomberg Billionaires Index with a fortune of US$244.9 billion. He said in a Tweet late Sunday that he would pay more than US$11 billion in taxes this year.
