Connect with us

Hi, what are you looking for?

Tech

Elon Musk’s Share-Promoting Spree Tops $15 Billion

Elon Musk’s Share-Promoting Spree Tops  Billion

Elon Musk has a web value of round $261 billion, making him the richest individual on the Bloomberg Billionaires Index.



Photograph:

Patrick Pleul/image alliance/Getty Pictures

Elon Musk

on Wednesday unloaded extra

Tesla Inc.

TSLA 7.49%

inventory, bringing the whole worth of his share gross sales to greater than $15 billion because the billionaire final month started a string of such transactions.

The gross sales got here as Mr. Musk exercised greater than 2.1 million Tesla inventory choices, in line with regulatory filings late Wednesday. He offered greater than 934,000 of the shares within the firm he runs, valued at round $928.6 million, to cowl tax withholdings, the disclosures state.

The most recent transactions are a part of a plan Mr. Musk set on Sept. 14 to train choices and promote shares. The choices he’s exercised are a part of a tranche of round 23 million vested inventory choices set to run out in August 2022. He has exercised about 21.3 million of these choices.

Mr. Musk said Wednesday on Twitter earlier than the filings grew to become public, “There are nonetheless a number of tranches left, however nearly carried out.”

After setting the inventory plan, Mr. Musk final month polled Twitter customers about whether or not he ought to promote 10% of his Tesla inventory; those that voted on the social-media platform endorsed the thought. The chief govt started exercising Tesla inventory choices and promoting shares within the firm on Nov. 8.

Mr. Musk held round 170.5 million Tesla shares when he posted the Twitter ballot and pledged to promote 10% of these holdings. He has offered round 14.8 million shares to date, leaving him no less than a bit greater than $2 million in inventory gross sales brief to satisfy his dedication. The exact quantity will depend on how he defines his possession stake.

Exercising Tesla inventory choices has netted Mr. Musk extra shares than he held on the time of the Twitter ballot. His Tesla inventory holdings now high 177 million shares.

Mr. Musk has a web value of round $261 billion, making him the richest individual on the Bloomberg Billionaires Index. He additionally has offered some inventory over latest weeks not associated to the inventory choices.

Tesla’s shares slumped after Mr. Musk started his promoting final month. The inventory, which closed up 7.49% on Wednesday at $1,008.87, is down greater than 17% from the day Mr. Musk took the Twitter ballot.

Write to Meghan Bobrowsky at Meghan.Bobrowsky@wsj.com

Copyright ©2021 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared within the December 23, 2021, print version as ‘Musk Sells Off Extra Of Tesla.’

You May Also Like

News

A member of Pakistan’s parliament, Sania Ashiq Jabeen was born in Lahore and raised there. She studied at the National College for Drug Administration...

Lifestyle

SINGAPORE – For four decades, Japanese singer and actress Seiko Matsuda has built a following across Asia through a non-stop output of albums, television...

World

France, which has opened its borders to Canadian tourists, is eager to see Canada reopen to the French. The Canadian border remains closed...

Politics

Almost every April since 1972, the Hash Bash has been held on the Diag of the University of Michigan campus, a free speech event...