Science

Elon Musk sells another $ 1.2 billion in Tesla stock – Reuters

Tesla CEO Elon Musk’s trust sold about $ 1.2 billion in Tesla stock on Friday, according to financial documents released Friday night. He still owns more than 166 million shares of the company.

Musk sold about $ 6.9 billion in company stock during the week. Some shares were sold in part to meet tax obligations related to the exercise of stock options.

These sales affected the company’s share price. Tesla shares fell 15.4% on the week, marking the company’s worst performance in a week in 20 months. It was also the worst week for Tesla stocks, excluding declines in February and March 2020 when the coronavirus pandemic knocked markets down.

Tesla shares are still up 46% year-to-date after a record closing price of $ 1,229.91 on November 4, 2021.

On November 6, Musk asked his more than 60 million Twitter followers to vote in an informal poll and told them that their vote would determine the future of their Tesla holdings. Financial documents filed during the week show that some were scheduled to be sold this week, regardless of the survey result.

Earlier, Musk had reported that he was likely to sell “a large block” of his options in the fourth quarter. During an appearance at the Code Conference in September, Musk said that when his stock options expire at Tesla, his marginal tax rate will be above 50%.

—CNBC’s Lora Kolodny contributed to this report.

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