Elon Musk Sold Another $1 Billion in Tesla Shares on Tuesday

Elon Musk, the founder of SpaceX and CEO of Tesla, visits the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021.

Michele Tantussi | Reuters

Tesla CEO Elon Musk sold about $1.05 billion worth of shares on Tuesday night financial deposits posted this week. The sales were scheduled for September to exercise options that were set to expire in 2022.

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

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

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

Musk walked a informal Twitter poll on Nov. 6, he asked his more than 60 million Twitter followers if he should sell 10% of his Tesla stock. The poll eventually ended with users telling Musk to sell.

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

Lora Kolodny of CNBC contributed to this report.

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Correction: Updated to reflect Tesla shares were down 15.4% for the week ending Nov. 12, not for the week ending Nov. 19.

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