Elon Musk Enters the Home Stretch of His Tesla Share Sales
In the second round of disposals this week, Musk got rid of 934,091 shares for more than $884 million.
(Bloomberg) -- Elon Musk offloaded a second batch of Tesla Inc. shares in a matter of days and is now three-quarters of the way done selling 10% of his stake in the company.
Tesla’s chief executive officer got rid of 934,091 shares for more than $884 million, according to regulatory filings dated Thursday. The sales were to pay for taxes on the exercise of 2.2 million options.
Musk has been on a selling spree since he asked Twitter users on Nov. 6 whether he should offload part of his stake in the electric-car maker. The world’s richest person had said he would exercise options toward the end of the year and had set up a stock-trading plan prior to the poll.
Read more: Musk’s Stock Sale Twitter Poll Brings Tesla More Legal Trouble
Musk has now sold 12.9 million shares for $13.6 billion. He’ll need to dispose of about 17 million shares to offload 10% of his stake, assuming his pledge excludes exercisable options.
Tesla shares fell 1.7% as of 5:30 a.m. New York time Friday, before the start of regular trading. The stock has dropped 25% from its peak on Nov. 4.
Musk, 50, remains the world’s richest person with a $243 billion fortune, according to the Bloomberg Billionaires Index.
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