Elon Musk has now sold more than half the stock he promised

Elon Musk has now sold more than half the stock he promised

After a break of a few days, Elon Musk resumed selling shares in Tesla Inc., now more than half coming to fulfill his promise to sell his 10% stake in the electric-car maker.

According to regulatory filings late Tuesday US time, the billionaire sold an additional 934,091 shares for $1.05 billion. He also exercised 2.15 million stock options, and the sale was made to cover taxes related to that transaction, the documents showed.


With the most recent settlement, Musk has now unloaded 9.2 million shares and collected nearly $9.9 billion in proceeds as he conducted a Twitter poll asking whether he should sell 10% of his Tesla stake. A portion of that money will go to tax.

To reach the 10% threshold, Musk would need to sell some 17 million shares, or about 1.7% of the company’s outstanding stock. If his exercisable options are included in his overall ownership, he will need to sell even more.

Musk has exercised millions of options since the Twitter poll, all of which were less than a year past their expiration date. In September, he established a pre-arranged business plan to make “an orderly sale of shares related to the exercise of stock options,” the filing shows. A November 6 Twitter poll did not reveal the existence of that plan.

Tesla shares are up 9.4% after the poll initially declined. Its token fell to $1,102.70 as of 12:38 p.m. on Wednesday after closing at $1,109.03 in New York on the FTX crypto exchange.

According to the Bloomberg Billionaires Index, 50-year-old Musk is the richest person in the world with a net worth of $303.7 billion. Amid a 57% jump in Tesla shares, he added $133.9 billion to his net worth this year, more than anyone else.

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