Elon Musk sold $7 billion worth of Tesla stock - so users on Twitter wanted

By: Elena Shcherban | 14.11.2021, 22:29
Elon Musk sold $7 billion worth of Tesla stock - so users on Twitter wanted

This week Tesla CEO Elon Musk has been busily selling shares of the company - in just a few days he sold nearly $7 billion worth of stock.

Why and

 why?

On November 11, Musk sold about 934,000 Tesla shares for $1.1 billion, his trust further sold over 3.5 million more shares for over $3.88 billion. According to SEC documents  Musk sold another 639 737 shares on Friday at prices ranging from $1056 to $1104. According to the documents, this is the last transaction with money at this time.

And it started a few days earlier, when the head of Tesla took a poll on Twitter, asking users if he should sell 10% of the company. The majority voted "for". Said - done, and after that Musk promptly carried out his subscribers' will.

Although Musk seems to have lied. In a filing with the U.S. Securities and Exchange Commission (SEC), he indicated that he sold a portion of his stake to meet his tax obligations, and that he was making the transaction under a plan agreed to in September. Such plans are made by major security holders of companies to avoid insider trading charges.

Yes and the timing of Musk's stock sale was as good as possible. Tesla stock has rallied for 11 consecutive weeks, up more than 46% this year. However, during this week, following a Twitter poll, the stock fell by 15.4%, and the company lost about $187 billion in market value.

By the way, on the eve of the poll, other major Tesla shareholders sold their securities, including chairman Robin Denholm and Ilon Musk's brother Kimball Musk.

Source: Gizchina