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Buy NowTesla CEO Elon Musk recently stated that he is “almost done” with his massive stock selloff after selling another $1 billion in shares. He has sold more than $15 billion worth of Tesla stock over the last month.
Reuters reports that Tesla CEO Elon Musk has now sold over $15 billion worth of company stock over the last month, and may sell more as he stated this week that the is “almost done” with the stock selloff.
Musk has previously stated that he plans to sell 10 percent of his Tesla shares, but many are confused as to whether or not he might have reached this goal or not. In an interview with the Babylon Bee on Tuesday, he stated: “I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here.”
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Buy NowBut on Wednesday, he suggested he may sell more tweeting: “This assumes completion of the 10b sale,” in reference to the prearranged sales plan of his stock options. He later tweeted: “There are still a few tranches left, but almost done.”
According to Tesla filings, Musk has exercised stock options that expire next year and sold a portion of the stocks to pay taxes, in line with the Rule 10b5-1 trading plan set up in September. Musk currently still has around 1.5 million stock options that expire in August next year.
Following the news, Tesla shares ended 7.5 percent higher at $1,008.87, valuing the company now at over $1 trillion.
Musk sold 934,091 shares this week, bringing the total that he has sold in recent months to 14.77 million, around 90 percent of the 17 million shares he had been expected to sell.
Read more at Reuters here.
