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Tesla boss, Elon Musk sells $5bn of shares after Twitter poll

BoomRadioNG | November 12, 2021
Tesla chief executive Elon Musk has sold around $5bn of shares in the electric carmaker.
It comes days after he asked his 63 million Twitter followers whether he should sell 10% of his stake in Tesla.
The company’s shares fell by around 16% in the two days after the poll came out in favour of him selling shares, before regaining some ground on Wednesday.
Tesla is the world’s most valuable carmaker, with a stock market valuation of more than $1tn.

Elon Musk
The Royal Society, CC BY-SA 3.0 <https://creativecommons.org/licenses/by-sa/3.0>, via Wikimedia Commons

┬áMusk’s trust sold almost 3.6 million shares in Tesla, worth around $4bn.
He also sold another 934,000 shares for about $1.1bn after exercising options to acquire nearly 2.2 million shares, according to filings with the US stock market regulator.
The documents showed that the sale of about a fifth of the shares was made based on a pre-arranged trading plan set up in September, long before Musk’s social media posts at the weekend about selling some of his shares.
Paul Ayorinde

Written by BoomRadioNG

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