Home / Companies / News /  Why Elon Musk is offloading huge quantities of Tesla shares
Listen to this article

Tesla CEO Elon Musk has sold another $973 million in stock to pay taxes after exercising options on Tuesday, filings showed. Musk acquired 2.1 million shares worth $2.2 billion at the Tuesday closing price and sold 934,091 for $973 million to pay taxes, the SEC filings showed.

Elon Musk exercised options and offloaded more Tesla Inc. shares, continuing a streak of sales that helped tank the stock last week by the most since March 2020.

The world’s richest person disposed of more than 934,000 shares on Monday for about $930 million. That adds to the $6.9 billion he already sold last week, just after he took an unusual Twitter poll asking whether he should dispose of 10% of his Tesla stake. Part of Monday’s sales were to help pay taxes on the exercise of 2.1 million options.

Over the past week, Musk has sold about 8.2 million Tesla shares for around $8.8 billion. Those sales fulfill almost half of his pledge on Twitter to sell 10% of his stake in Tesla.

Musk began selling shares last week after floating the idea in a Twitter poll. The sale was prompted by a November 6 poll Musk set up on Twitter, saying that “much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock." Almost 58% of the 3.5 million votes were cast in favor of a sale. With electric-car makers increasingly in demand on Wall Street, Tesla's stock has surged more than 150% in the past 12 months.


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout