Tesla CEO Elon Musk’s fund sold about $ 1.2 billion in Tesla stock overnight from Friday to Saturday, according to financial documents released Friday. He still owns more than 166 million shares of the company.
Musk sold about $ 6.9 billion in company stock during the week. Some of these 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, the company’s worst weekly performance in 20 months. It’s also the worst week on record for Tesla stocks, if you don’t count the declines in February and March 2020, when markets were hit by a coronavirus pandemic.
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 take an informal poll, telling them that their vote would decide the future of their Tesla stock. Financial documents filed during the week show that some of those shares were due to be sold this week, regardless of the survey result.
Earlier, Musk had signaled that he would likely sell a “huge block” of his options in the fourth quarter. Speaking at the Code Conference in September, Musk said that when his Tesla stock options expire, his marginal tax rate will be above 50%.
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