Elon Musk has already fulfilled half of his promise, selling Tesla stock for nearly $10 billion

Elon Musk has already fulfilled half of his promise, selling Tesla stock for nearly $10 billion

The billionaire sold an additional 934,091 shares for $1.05 billion, according to official announcements late Tuesday night. The documents revealed that he also exercised 2.15 million stock options and made the sales to cover taxes related to the deal.

With the recent liquidations, Musk has now released 9.2 million shares and has generated nearly $9.9 billion in revenue since a Twitter vote on selling his 10% stake in Tesla. A portion of sales proceeds are subject to tax.

To reach the 10 percent threshold, Musk would have to sell about 17 million shares, which is about 1.7 percent of the company’s outstanding shares. If the callable options are included in your total ownership, you must sell more.

Musk has exercised millions of options since the Twitter poll, all less than a year before the expiration date. The announcements show that in September, it prepared a pre-agreed trading plan to implement an “orderly sale of shares related to the exercise of stock options”. A Twitter vote on November 6 did not reveal the existence of this plan.

50-year-old Musk is the richest man in the world with a fortune of $303.7 billion, according to the Bloomberg Billionaires Index. Her net worth has grown by $133.9 billion this year, more than anyone else, amid a 57 percent rise in Tesla shares.

(Bloomberg)

Cover photo: Joe Raedle / Getty Images

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