Tesla: Elon Musk separates from nearly $ 5 billion in shares

Tesla founder and chief executive Elon Musk has sold around $ 5 billion (or roughly € 4.4 billion) in shares, the billionaire said in documents filed on Wednesday, days after he launched a consultation on Twitter on a sale of part of its titles.

The richest man in the world, Elon Musk had proposed Saturday on the microblogging site to sell 10% of his shares in Tesla if his “followers” voted in this direction.

In detail, Elon Musk’s trust sold nearly 3.6 million Tesla shares, worth around $ 4 billion, while he also sold 934,000 other shares for 1.1 billion dollars after exercising options to acquire nearly 2.2 million shares at 6.24 dollars each, less than 1% of their current value.

That total of 4.5 million shares represents about 3% of his total holdings in the electric vehicle maker, which makes up the bulk of his estimated fortune at $ 281.6 billion, according to Forbes.

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On Saturday, the 50-year-old carried out a poll from his Twitter account to find out whether or not he should part with 10% of his Tesla shares in order, he said, to pay his taxes. He argued that it was the only way for him to pay it, since he does not receive any salary from the electric vehicle company. Some 57.9% of the 3.5 million voters responded positively.

A sale launched in September 2020

Monday, at the opening of Wall Street, the title had plummeted, dropping up to 7.2% while the market feared that the hot boss would run and unbalance, on his own, the supply and demand of actions of the builder. According to documents filed Wednesday with the US market regulator, the SEC, the richest man in the world had sold about 930,000 securities on Monday alone.

The document also reveals that the facetious businessman had started the sale on September 14 and therefore did not determine according to the survey.

At the end of the transaction, Elon Musk still held, according to the document filed with the SEC, 1.22 million Tesla shares in open access as well as another 170 million housed in a trust, with a total value of $ 183 billion at Wednesday’s closing price.

After losing another 11.99% on Tuesday, still weighed down by Elon Musk’s announcement, Tesla’s share finally rebounded on Wednesday and closed up 4.34%.

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The World with AFP

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Tesla: Elon Musk separates from nearly $ 5 billion in shares

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