Musk to sell 10m more Tesla shares after offloading stock this week
Following the conclusion of a Twitter poll, and coincidentally soon after Tesla stock catapulted beyond a $1trn valuation, Elon Musk sold a combined $6.9bn in shares over the past week.
An SEC filing released on Friday revealed that Musk sold 1.2m shares that day for over $1.2bn in the latest of his recent stock sell-offs .
UPDATE: SEC Filing reveals Elon Musk made a (Tesla stock) trading plan in mid September.. weeks before his Twitter poll. pic.twitter.com/Ts8gDF1bIf— Insider Paper (@TheInsiderPaper) November 11, 2021
The filing also revealed that the Tesla CEO made plans to sell the stock on September 14, well before the poll was made, possibly for tax purposes.
Elon Musk sold 934,000 shares for just over $1.1 billion last night. Kimball Musk sold $110 million and the Chairwoman of the board sold $29 million just days before Elon ran his poll. This is called front running and is highly illegal. pic.twitter.com/1z6NPKMpUf— Nancy Pelosi Portfolio Tracker (@NancyTracker) November 11, 2021
This time last week, Musk was polling Twitter users on whether or not he should sell 10% of his shares, which amounted to 17m shares at that time.
Twitter duly instructed him to do so, although it appears that was a part of his plan all along, and here we are.
Having said that, he said he would abide by the poll, and so far the world’s richest man is keeping his word.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
As of this week, Musk has now sold over 6.3m shares, 37% of the 17m he pledged to sell.
In order to fulfill his pledge of selling 10% of his holdings, Musk must sell 10m more shares.
Tesla’s share price was down by 2.8% on Friday at $1,033, breaking an 11 week run of consecutive green bars.
However, year-to-date it remains up by over 40%.
if he does sell, downward pressure on price due to $20b outflows, going to be a huge “buying opportunity” as everyone grabs the “undervalued shares”, the tesla meme feedback loop continues to spin, share price will go up, elon musk gets even richer bc stock go up, life is meme https://t.co/vwZlR3tzAV— Kyla Scanlon (@kylascan) November 7, 2021