New Delhi: Elon Musk, CEO of Tesla and SpaceX, sold an additional 934,091 shares of the electric vehicle maker for $ 906.5 million, according to U.S. securities documents filed on Monday.
He also exercised stock options to buy 2.13 million Tesla shares, according to the documents.
Tesla stock closed 5% lower at $ 966.41 on Monday night, according to a CNBC report. The Tesla CEO also exercised options to purchase 2.13 million shares at an exercise price of $ 6.24 per share granted to him as part of a 2012 compensation package.
Musk and a hundred billionaire’s latest insider trading was part of a “Rule 10b5-1” trading plan dated September 14, the documents said. This type of plan allows company insiders to execute trades in the shares of their own company for a set future date.
Musk, who is the richest person in the world and just named 2021 Person of the Year by Time Magazine, still has millions of stock options he must exercise by August 2022. He revealed at the Code 2021 conference on September 28 that he would likely sell a large chunk of the shares in the fourth quarter.
On November 6, Musk asked his legions of Twitter followers to vote on whether or not he should sell a 10 percent portion of his holdings in electric and solar cars. In his Twitter poll, Musk wrote, “There’s been a lot of talks lately about unrealized gains as a means of tax evasion, so I’m offering to sell 10% of my Tesla shares. Do you support this? “
He gave his tens of millions of followers the option to vote “Yes” or “No,” and said he would respect the results no matter how the poll went. Twitter’s poll results display shows that about 3.5 million people responded, of which 57.9% voted “Yes.”
After Musk’s poll, Senate Finance Committee Chairman Ron Wyden, D-Ore. wrote in his own tweet: “Whether or not the richest man in the world pays taxes shouldn’t depend on the results of a Twitter poll,” he wrote. “It’s time for the billionaire income tax. “
Musk, who is against the billionaire’s tax and President Joe Biden’s Build Back Better spending, responded to Wyden with a crass reply.
Recently, Musk said at the Wall Street Journal CEO Council summit that “if you take out all the billionaires, you still won’t solve the deficit” in the United States. He also cursed “anti-billionaire” sentiment in the United States. He still has to sell around 5 million Tesla shares to keep the promise he made in his Twitter poll.
Earlier this month, the CEO also sold off Tesla shares in batches worth around $ 963.2 million and $ 1.01 billion of shares, bringing his total sales in December to over $ 2.87 billion to date. He sold a total of $ 9.85 billion in Tesla shares in November.
Besides Musk, other Tesla executives including CFO Zachary Kirkhorn, CFO Taneja Vaibhav, and senior vice president of Powertrain and Energy Engineering Drew Baglino also sold Tesla shares and exercised options in December.
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