Elon Musk is now halfway to his Twitter target of selling 10% of his Tesla stock – after dumping another $1.05 billion

Source: Business Insider:::

November 24, 2021 at 08:58

The sales mean he's over halfway towards his Twitter commitment to sell 10% of his holding.

Elon Musk has now sold around 9.2 million shares in Tesla since asking his Twitter followers whether he should offload 10% of his holding in the EV company.

That means the Tesla chief executive is now more than halfway towards the target, which he vowed to honor.

Musk owned over 170 million shares in Tesla in September, according to Bloomberg data, so to get rid of 10% of his stake he'd need to sell around 17 million shares. However, he'd need to sell more if he continues to exercise stock options.

Musk's selling resumed on Tuesday, according to SEC filings from Tuesday that showed he sold another 934,000 shares for $1.05 billion. The sales were earmarked to pay taxes on 2.15 million stock options that he also exercised.

Read More (...)