Elon Musk Sells More Tesla Shares, Worth $963.2 Million
© AP Photo / Matt RourkeCEO Elon Musk departs from the justice center in Wilmington, Del., Tuesday, July 13, 2021. Testifying for a second day, Musk pushed back again Tuesday against a lawsuit that blames him for engineering Tesla’s 2016 acquisition of a financially precarious company called SolarCity that was marred by conflicts of interest and never generated the profits Musk insisted it would.
© AP Photo / Matt Rourke
Tesla founder Elon Musk has sold about $12 billion worth of shares since the beginning of November, according to US Securities and Exchange Commission (SEC) filings.
Elon Musk has been cutting his stake in the company for the fifth week in a row. This week he sold more than 934,000 shares, worth $963.2 million.
Also, he exercised stock options to buy 2.17 million shares of Tesla.
To fulfil his promise he earlier gave to sell a 10% stake in the company, he has 6 million more shares to sell. Musk's fortune, according to Forbes Real-Time, which tracks the wealth of billionaires in real-time, decreased by another 5.42%, or $ 15.1 billion.
Earlier, Musk pursued the sale initiative after a Twitter poll he published on his account, where he asked his followers to decide whether he should sell 10% of Tesla stock amid talks about "unrealised gains being a means of tax avoidance", to which more than a half of the respondents (57.9%) voted in favour.
Compared to the peak of the price on 4 November, when Musk first sold shares, their value has decreased by 18%.
Elon Musk remains the richest person in the world, with a fortune of $ 263.3 billion, according to Forbes Real-Time. His closest rival, the former head of Amazon, has $ 200.3 billion.