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Elon Musk sold one more $1 billion in Tesla shares on Tuesday

Elon Musk sold one more $1 billion in Tesla shares on Tuesday

November 26, 2021: According to financial filings posted this week, Tesla CEO Elon Musk sold about $1.05 billion in stock on Tuesday evening. The sales were scheduled in September to exercise options that were set to expire in 2022.

Musk has sold a total of $9.85 billion in Tesla stock this month, including the $6.9 billion he sold the week of November 10 and another $1.9 billion he sold on November 15 and November 16. Some of the shares were sold in part to satisfy tax obligations related to an exercise of stock options.

Musk and his trust still hold more than 169 million shares in the company.

Tesla shares fell 15.4% the week ended November 12, marking the worst week for Tesla stock in 20 months after Musk began selling shares. Shares of Tesla were up about 1% on Wednesday afternoon.

Musk ran an informal Twitter poll on November 6, asking his more than 60 million Twitter followers whether or not he should sell 10% of his Tesla stock. The poll ultimately ended with users telling Musk to sell.

But, Musk had already indicated earlier this year he was likely to sell “a huge block” of his options in the fourth quarter. During an appearance at the Code Conference in September, he said that his marginal tax rate would be over 50% when his stock options expire at Tesla.

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