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Tuesday, June 28, 2022

‘Almost done’: Elon Musk sells more Tesla shares; $15 billion sold in past 7 weeks

OK, so he wasn’t quite done.

A day after saying he had “sold enough” to meet his goal of selling 10% of his Tesla Inc. stake, Chief Executive Elon Musk on Wednesday tweeted that he’s “almost done,” and disclosed in filings with the Securities and Exchange Commission that he has exercised more stock options and sold another 934,000 shares, worth about $928.6 million.

“There are still a few tranches left, but almost done,” Musk tweeted Wednesday, before the filings were made public.

With Wednesday’s stock sales, Musk has sold about 14.8 million shares since Nov. 7, when he posted a Twitter poll asking if he should sell 10% of his Tesla stake. Altogether, the stock sales have been worth a little over $15 billion. He also exercised more than 2.1 million stock options Wednesday, with about 20 million options exercised since Nov. 7.

The latest transactions were put in place Sept. 14, according to the SEC filing.

At the time of his Twitter poll, Musk’s 10% stake came out to about 17 million shares. He also has about 1.7 million remaining stock options that are set to expire in August 2022.

Tesla shares
TSLA,
+7.49%

surged Wednesday after Musk said on a podcast Tuesday that he was about done with his stock selloff. The electric-vehicle maker regained a market cap of more than $1 trillion after the stock slid into a bear market — defined as a decline of at least 20% from a peak — for the third time this year.

Tesla stock is down 9% in the past month, but has gained 43% year to date, compared to gains of 7% and 25%, respectively, by the S&P 500
SPX,
+1.02%

in those periods.

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