Tesla CEO Elon Musk sold another 934,091 shares of the electric vehicle maker, valued at about $ 1.05 billion, bringing their total sales to Tesla stock for about $ 10 billion this month.
Musk – the world’s richest man, worth about $ 300 billion – sold 2.15 million shares after exercising options under his 2012 compensation agreement. Filings with the Securities and Exchange Commission.
The sale began after Musk asked its Twitter followers to decide whether to sell 10 percent of Tesla’s holdings.
The Twitter crowd voted in favor of offloading, but Musk had begun selling the stock before asking a question, revealing more disclosures.
He is still shy of 7.9 million shares to fulfill his promise to sell this stake 10 percent, but recent sales have put him halfway.
The selling spree has put some pressure on Tesla shares. Musk, after all, is the company’s largest shareholder and liquidating any significant stake sends stock down.
Tesla stock fell more than 1 percent in premarket trading on Wednesday after falling 4 percent on Tuesday.
Shares have fallen nearly 9 percent since Musk’s November 8 Twitter poll. Shares are up more than 57 percent since January 1, however, more than double the S&P 500’s profit in the same period.
Musk had previously warned that the stock could be sold before the end of the year to offset its tax bill on its 2012 Tesla stock options, which would expire next year.
Wall Street Journal Musk is facing a $ 3.5 billion federal tax bill, reports Tuesday Among their options, the bill would have been even bigger if Tesla stock hadn’t fallen below its all-time high after tweeting out what they plan to sell.
According to the Journal’s calculations, the stock crash saved Musk nearly half a billion dollars.