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

Tesla founder and chief executive Elon Musk has sold roughly $ 5 billion (roughly $ 4.35 billion) in shares. This is what he said in documents filed Wednesday, November 10, a few days after launching a consultation on Twitter about a sale of part of his shares, according to the Associated Press and Reuters agencies.

In detail, Mr. Musk’s trust sold nearly 3.6 million Tesla shares, worth around $ 4 billion, while he also sold another 934,000 shares for $ 1, $ 1 billion after exercising options to acquire nearly 2.2 million shares at $ 6.24 apiece, 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 fortune, estimated at $ 281.6 billion, according to Forbes.

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On Saturday, the richest man in the world carried out a poll on 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 fifties would run and unbalance, alone, the supply and demand of actions of the builder. According to documents filed Wednesday with the US financial market regulator and supervisor, the Securities and Exchange Commission (SEC), Musk sold about 930,000 securities on Monday alone.

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

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

After losing another 11.99% on Tuesday, still weighed down by Mr. Musk’s announcement, Tesla stock rebounded on Wednesday and closed 4.34% higher.

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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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