Elon Musk sells $1.02 ml of Tesla stock…

Elon Musk sells $1.02 ml of Tesla stock… post thumbnail image

After the transaction, the number of shares in the company owned by the entrepreneur increased by 7 million.

Electric carmaker founder Elon Musk sold another 934,090 Tesla shares for $1.02 billion, data from the U.S. Securities and Exchange Commission (SEC) showed. At the same time, the billionaire exercised an option to buy 1.5 million of the company’s securities.

  • Thus, the entrepreneur exercised his 22.8 million Tesla options. He received a contract for the purchase of shares in the company in 2012, and its term expires in August 2022.

  • As a result of the transaction, Musk’s total shareholding increased from 170.5 million to 177 million, according to the Wall Street Journal.

  • Recall that the billionaire started selling his stake in the company in November. The value of shares sold by Elon Musk over the past few weeks exceeds $16 billion on the pretext of paying taxes. Musk said last week that he would pay $11 billion in taxes this year, making it the largest personal individual tax payment in US history.

  • The Tesla founder has an estimated net worth of $279 billion, making him the richest person on Bloomberg’s rankings. Recently, Time magazine named Elon Musk as “Person of the Year”.

  • Tesla’s stock price on the news background is up nearly 2% on the premarket.

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