In two months, Elon Musk sold $ 16.4 billion of Tesla shares.

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source: instantgeneralnews.com

In two months, Elon Musk sold $ 16.4 billion of Tesla shares.

The billionaire dumped another 934,090 papers, or about $ 1.02 billion, close to the 10% stake he had pledged to sell.

According to financial documents released Tuesday night, Tesla and SpaceX CEO Elon Musk sold another 934,090 shares or about $ 1.02 billion of his stakes in his electric car business.

Musk also exercised options to buy nearly 1.6 million Tesla shares at an exercise price of $ 6.24 per share.

By exercising his options this quarter, Musk's stakes in Tesla have risen from approximately 170.5 million shares to more than 177 million shares, the Wall Street Journal reported.

Musk exercised all of his options that expire next year, signaling the end of his stock sales. Naturally, this caused a drop in the price of the papers of the most valuable automaker in the world.

Musk had sold $ 16.4 billion worth of stock since early November when he said he would sell 10% of his Tesla stake if Twitter users agreed. And they were.

It said last week that it would stop selling shares after its scheduled sales ended.

Musk laid out a pre-set plan in September for stock sales related to options that expire next year. In a presentation Tuesday, Tesla said that the program was complete.

The latest trading, reported on Tuesday, included exercising an option on 1.6 million shares and selling 934,090 of those shares (about $ 1.02 billion in their holdings) to pay taxes.

In all, Musk sold 15.7 million Tesla shares at the end of this year, about the 10% stake the billionaire had pledged to sell.

Tesla shares lost about a quarter of their value after Musk asked his Twitter followers whether he should sell 10% of his shares in November. They rallied last week when he said he was almost done with the sale, although the stocks are still below the closing record of $ 1,229.91 recorded the previous month.

Shares of Tesla fell 1.1% to $ 1,077.03 on Wednesday.

In mid-December, the American magazine Time named Musk as the year's personality, highlighting the takeoff experienced in 2021 by this technology mogul.

The personality of the year is influential, and few people are more influential in life on Earth, and possibly beyond Earth, than @elonmusk, "wrote Edward Felsenthal, Editor-in-Chief of Time, announcing the winner on his Twitter account.

The 50-year-old South African-born man surpassed his rival Jeff Bezos in the space race this year to become the world's richest man, the founder of online sales giant Amazon.

In October, the valuation of his electric car company surpassed a trillion dollars. His company SpaceX partnered with the US space agency, NASA, to launch several missions during the year.

Musk has been a ubiquitous figure in American culture for the past few years. He amassed 66 million followers on Twitter and was a guest host of Saturday Night Live's famous comedy show in May. In addition, he speaks ambitiously about his interest in colonizing Mars and plans orbital flights for next year as part of SpaceX's plan to make the American return to the Moon possible.

In addition, he is known for influencing market movements and the value of cryptocurrencies through just one tweet.

But its main socio-economic impact is with its modern electric vehicles. "Our intention with Tesla has always been to set an example for the automotive industry, hopefully they will also build electric cars so that we can be sustainable," Musk said in an interview with The Man of the Year. Accelerate the transition to energy, "Musk said in an interview with The Man of the Year. Announcement