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Musk sells US$5b of Tesla stock
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After making a promise on Twitter, Tesla CEO Elon Musk has sold about 4.5 million shares of the electric car maker鈥檚 stock, raising over US$5 billion.
The sales, disclosed in 10 regulatory filings late on Wednesday, amount to about 3 percent of Musk鈥檚 stake in the company.
About US$1.1 billion will go toward paying tax obligations for stock options granted to Musk in September.
Last weekend, Musk said he would sell 10 percent of his holdings in the company, worth more than US$20 billion, based on the results of a poll he conducted on Twitter. The sale tweets caused a sell-off of the stock on Monday and Tuesday, but it recovered some on Wednesday. The shares have risen more than 50 percent this year.
The filings also disclosed that Musk exercised options to buy just over 2.1 million shares for US$6.24 each. The company鈥檚 stock closed on Wednesday at US$1,067.95 per share.
The tax transactions were 鈥渁utomatically effected鈥 as part of a trading plan adopted on September 14 to sell options that expire next year.
After the transactions, Musk still owns about 167 million shares. He was Tesla鈥檚 largest shareholder as of June, owning about 17 percent. He鈥檚 the wealthiest person in the world, according to Forbes, with a net worth of around US$282 billion, most of it in Tesla stock.
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