Elon Musk sells another $1.2 billion of Tesla stock
Mike Blake | Reuters
TeslaChief Executive Officer Elon Musk’sFinancial filings Friday night show that trust had sold approximately $1.2billion in Tesla stock shares on Friday. He holds over 166 million shares of the company.
Musk bought stock that was worth approximately $6.9B in the company over the course of the week. Some shares were sold to pay taxes related to the exercise of stock option.
These sales had an impact on the share price of Tesla. Tesla stock declined 15.4% for the weekIt was also the worst week for Tesla in more than 20 months. This week was the worst for Tesla stock, excepting declines in February 2020 and March 2020. The coronavirus pandemic caused markets to tumble.
Tesla shares remain up at 46% Year to date, after a record closing of price $1,229.91 Nov. 4, 2021.
Musk asked over 60 million of his Twitter followers to vote for him in an informal poll on Nov. 6. They were told that their votes would affect the future direction of Tesla Holdings. According to financial records filed throughout the week, some of them were scheduled for sale regardless of the result.
Musk indicated previously that he expected to sell “a big block” (or more) of his options by the end of the fourth quarter. A appearance at the Code Conference in September, Musk said when his stock options expire at Tesla, his marginal tax rate would be over 50%.
—CNBC’s Lora Kolodny contributed to this report.