Elon Musk sells over $1.1 billion of Tesla inventory

In accordance with monetary filings out Wednesday, CEO Elon Musk is promoting a block of Tesla shares through a plan that he set in movement on September 14 this yr. The gross sales quantity to greater than 930,000 shares price over $1.1 billion. He nonetheless holds greater than 170 million shares.

Musk offered these shares partly to fulfill tax obligations associated to an train of inventory choices.

Earlier than the sale plan was made public, Elon Musk requested his 62.5 million Twitter followers to vote in a casual ballot, telling them their vote would decide the way forward for his Tesla holdings. The filings reveal that, the truth is, he knew a few of his shares had been slated on the market this week.

Following the Twitter ballot, shares of Tesla slumped extra 15% over Monday and Tuesday, earlier than rebounding greater than 4% on Wednesday.

Beforehand, Musk signaled that he was prone to promote “an enormous block” of his choices within the fourth quarter. At an look on the Code Convention in September, Musk mentioned when his inventory choices expire at Tesla, his marginal tax price can be over 50%.

Present and former board members together with chairwoman Robyn Denholm, Elon Musk’s brother Kimbal Musk, Ira Ehrenpreis and Antonio Gracias have offloaded a whole bunch of thousands and thousands of {dollars} price of Tesla shares since Oct. 28 after Tesla’s market cap surpassed $1 trillion.

Kimbal Musk offered round $109 million price of his shares the day earlier than his brother’s Twitter ballot and deliberate sale commenced.

It is a creating story, please test again for updates.