Elon Musk Sells Another 934K Tesla Shares For $906 Mln

Elon Musk is still not done selling Tesla Inc (TSLA) stock. According to two SEC filings on Monday, Musk has sold another $906.49 million worth of stock making the total amount of stock sold to a staggering $13 billion in a matter of one month.

According to the filing, the wealthiest man on earth has sold 934,091 shares and has bought back 2.13 million shares at a pre-agreed price of $6.24 per share. This price was agreed back in 2012. Whenever Musk has sold his stock, Tesla has lost ground in the market. In a 30-day period, the company has dropped 7%.

The transaction was reportedly a part of a trading plan under Rule 10b5-1, a plan that allows the insiders of the company to perform trades on their own share of company stock at a said time. Musk still has a lot of stock options that he has to exercise before August 2022.

The whole event started to roll down as Musk was blamed for shying away from his taxes and Musk announced after a Twitter poll in November that he would be selling more than 10% of his stock in Tesla.

The 2021 TIME’s Person of The Year is actually selling his stock in the company to cover for his buying spree as there are only a handful of months to exercise the stock options.

According to another SEC filing back in June, Musk held more than 170 million stock in the company with another 73.5 million in exercisable options, of which the CEO has to use 7 million left to exercise before August. This stock will cost Musk just $6.24, while Tesla is trading at $957.53.

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