Elon Musk Is Halfway Through His Pledge After Selling Nearly $11 Billion of Tesla Stock

Musk promised after a Twitter poll that he will sell 10 percent of his Tesla stock.

Elon Musk Is Halfway Through His Pledge After Selling Nearly $11 Billion of Tesla Stock

Musk said on November 6 he would sell 10 percent of his stake if Twitter users agreed

Highlights
  • Elon Musk has sold a combined 10.1 million Tesla shares
  • Musk had earlier said he would sell 10 percent of his stake
  • Musk still has an option to buy about 10 million more shares
Advertisement

Tesla Chief Executive Elon Musk has sold nearly $11 billion (roughly Rs. 82,850 crore) worth of shares since the world's richest person polled Twitter users about offloading 10 percent of his stake in the electric-car maker.

He has sold a combined 10.1 million shares, which is over half of the stake that he had pledged to sell, and has acquired 10.7 million shares by exercising options, since November 8.

How did Musk sell?

Musk said on November 6 he would sell 10 percent of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23 percent as of June 30. It included 170 million shares held by his trust.

The tweet was vague. Musk did not outline if he was intending to offload 10 percent of the shares he indirectly owned through the trust or if his stock options were also part of the deal.

Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 (roughly Rs. 470)  each, which expires in August next year.

© Thomson Reuters 2021

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Elon Musk, Tesla
iPhones of At Least 9 US State Officials Said to Be Hacked by NSO Group Spyware
Vodafone Offers to Settle Multi-Billion-Dollar India Tax Row
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »