sold CEO of Tesla About 1.2 million additional shares in his company during Friday’s trading, bringing the total of his share sales during the five sessions of this week to about $6.9 billion.
Its sales in the shares of the largest electric car companies in the world fell in value during last week’s trading by 15%, which is the largest decline since March 2020.
On Friday, the company’s shares fell 2.8% to $1,033.42 on the New York Stock Exchange, according to Bloomberg data.
His sales come last Friday, after he sold 3.6 million shares in Tesla, worth about $ 4 billion, and sold another 934,000 shares for $ 1.1 billion after activating options to obtain approximately 2.2 million shares, shortly after making A Twitter poll on whether he should sell his huge 10% stake in the company.
A disclosure to the stock exchange explained that the reason for selling the shares was “only to fulfill the tax withholding obligations for the amount related to the exercise of stock options,” and also showed that the deals were made based on a pre-arranged trading plan that was adopted in mid-September.
The options that Musk acquired in 2012 were due to expire in August.
Exercising the rights to put options results in income taxes, which are usually covered by the immediate disposal of some of the newly acquired shares.
It is the billionaire’s first sale since 2016, when he exercised stock options and liquidated some of his acquired shares to cover about $590 million in income taxes.
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