Recent filings show that Tesla Inc chief Elon Musk has sold another batch of company stock worth about $700 million, as the billionaire benefits from a sudden surge that has sent the electric car maker’s value up to more than $1 trillion. Shares mega this week just days after the world’s richest person and chief Tesla shareholder tweeted that he would sell 10% of his shares if users of the social media platform agreed to the move.
Musk revealed the sale of additional shares, valued at about $687 million, in regulatory filings after offloading about $5 billion of shares earlier in the week. Friday.
In the first round of the sale, filings showed that Musk’s trust had offloaded nearly 3.6 million shares worth about $4 billion. , huge by capital market standards, and bigger than most companies’ initial public offerings.
And by getting Twitter users to agree to the move, he also avoided speculation about cashing out because Teslas valuation became frothy after its shares hit record levels, but it should be noted that prior to the sale, Musk owned a stake of about 23% in Tesla, including stock options.
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