Tesla CEO Elon Musk has sold nearly $ 5 billion in Tesla stocks, according to a statement released Wednesday evening. He still owns more than 166 million shares.
His trust has sold more than 3.5 million shares worth more than $ 3.88 billion in a series of trading on Tuesday and Wednesday. That purchase was not marked as 10b5, which means it was not a planned auction.
Earlier on Wednesday evening, the submission indicated that Musk was selling a separate block of Tesla shares on a plan he set out on September 14 this year. That sale totals more than 930,000 shares worth more than $ 1.1 billion.
Musk sold these shares in part to satisfy tax obligations related to the use of stock options.
Before the sale was made public, Musk called on his 62.5 million Twitter followers to vote in the by-elections, telling them that their vote would determine the future of his Tesla assets. Evidence suggests that, in fact, he knew that some of his shares were scheduled to go on sale this week.
Following the Twitter vote, Tesla's shares fell 15% on Monday and Tuesday, before rising again by more than 4% on Wednesday.
The stock was up in the after-hours trading on Thursday.
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Citadel CEO Ken Griffin, speaking at a DealBook Online conference on Wednesday, said he himself did not want to see Musk sell. "People like Elon Musk, like Jeff Bezos have changed their lives, and we want to keep them in control of their companies, as long as they have the energy and desire to continue the business."
Earlier, Musk indicated that he was likely to sell the "big block" of his options in the fourth quarter. Appearing at the Code of Conduct in September, Musk said that when his stock options expire at Tesla, his minimum tax rate will be more than 50%.
Current and former board members including chairman Robyn Denholm, Elon Musk's brother Kimbal Musk, Ira Ehrenpreis and Antonio Gracias released Tesla's multi-billion dollar shares from October 28 after Tesla's stock market surpassed $ 1 trillion.
Among these internal sales, Kimbal Musk’s is the only transaction that is not listed as 10b5, or a scheduled sale. Kimbal Musk sold his estimated 109 million shares a day before his brother's vote on Twitter.