Tesla CEO Elon Musk sold about 4.5 million shares of his Tesla stock after making a promise on Twitter. Musk generated over $5 billion and about $1.1 billion will go toward paying tax obligations for stock options granted to him in September. The sales happened late Wednesday and totaled roughly 3 per cent of Musk’s ownership in the company.
Last weekend,. Musk said on Twitter he would sell 10 per cent of his holdings which is more than $20 billion. This was all based on a “yes” or “no” Twitter poll asking his followers if he should sell some stocks. The sale tweets caused a sell-off of the stock Monday and Tuesday but it saw some recovery on Wednesday.
The shares were up 2.6 per cent on Wednesday and they have risen more than 50 per cent this year. After the transaction, the tech mogul still owns about 167 million shares in Tesla. He is also the largest shareholder of Tesla as of June, owning around 17 per cent of the company. According to Forbes, Elon’s net worth is around $282 billion, with most of it in Tesla stock.
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