Elon Musk sells his Tesla shares first since 2016
Exercising some stock options, Elon Musk has sold his first block of Tesla shares since 2016 to raise the cash to pay taxes on the shares he acquired. It became public hours after Tesla founder turned to his 63 million Twitter followers with a poll if he should sell 10% of his Tesla stake.
Elon Musk & His Brother Have Sold Over $5 Billion Of Tesla Shares In The Past Week https://t.co/QZqQHM0bKj— zerohedge (@zerohedge) November 11, 2021
Tesla dropped to $1tn in a market value.
Despite the dip, Tesla shares remain up about 50% this year, and its market value is above $1 trillion, making the stock one of the largest and most influential in the S&P 500https://t.co/JyRiqiSG4c— WSJ Markets (@WSJmarkets) November 11, 2021
Filings that posted later Wednesday revealed Musk sold another 3.58 million shares in Tesla ($4 billion). And coincidently, Elon's brother is selling Tesla too, with a very interesting timing, SEC filing reveal, he sold 88,500 Tesla shares last Friday, November 5th, between $1,223.06 and $1,236.89 each.
ZeroHedge notes: "Just hours after Elon filed to reveal a 934,000 ($1.1 billion) share sale (on Monday) to cover tax liabilities on the exercise of over 2 million options, a second set of filings presented an ever more huge sale of another 3.6 million Tesla shares for an average price of about $1,070 in the following two days (or around $3.9 billion). The interesting thing about the price action this week is that when the sale occurred (Monday and Wednesday), TSLA shares miraculously surged as the wave of Musk selling hit. And yet collapsed on Tuesday - which as far as the filings are concerned saw no Musk sales."
Elon Musk sells some Tesla stock – but was it really because of Twitter poll? https://t.co/53M0m0Zo3T— The Guardian (@guardian) November 11, 2021
Elon Musk's net worth consists mostly of his Tesla shares and options to later purchase of more Tesla shares. the sixth company worth over $1 trillion. Additionally, Elon is also the primary shareholder in privately held SpaceX.
If @elonmusk sells $25 billion of Tesla shares tomorrow he will have enough money to give each person in the world $3 million. I hope he does this!— greg (@greg16676935420) November 7, 2021
It looks like Elon Musk and his brother are just extraordinarily lucky or..
Elon Musk once said.— Aaron (@IAmAaronWill) May 29, 2021
‘You can literally learn any skill you want for free on youtube.
You can become a person of value in a matter of months.
Just a few years ago this wasn't possible.
If you were lucky enough to be born in this era, take full advantage of it.’
Michael Burry, the famous Big Short investor, speculated earlier this week that Elon simply needs cash and had to sell the Tesla shares to pay back personal loans, for which a sizable chunk of his Tesla shares serve as collateral. Furthermore, he said Tesla stock could crash by 90% - adding Elon Musk said it was already overpriced at $160 last year.
'The Big Short' investor Michael Burry says Tesla stock could plunge 90% — and notes Elon Musk said it was overpriced at $160 last year https://t.co/7vbWl1iHzg— Markets Insider (@MktsInsider) November 10, 2021