On December 13, Ilon Musk exercised 2.1 million options to purchase Tesla shares at a price of $6.24 per security and on the same day sold 934 thousand shares of his company for about $906.5 million. This follows from documents filed with the Securities and Exchange Commission (SEC) of the United States. Over the past five weeks, the sale of the electric car maker’s securities has brought it about $12.7 billion.

Market Reaction:

As a result, Tesla closed Monday’s trading session with a capitalization below $1 trillion – the first time since Oct. 22, Bloomberg notes. On Dec. 13, the securities fell 5% to $966.41 at the end of trading. On Tuesday at the preliminary trades of NASDAQ exchange securities were losing about 1.5%. In total, according to the agency’s calculations, due to the ongoing sell-offs since November 4, Tesla shares have lost 21% in price, reducing the gain this year to 32%.

Stock selloff

In early November, Musk took a poll on Twitter on whether he should sell his 10% stake in Tesla. He said he would get rid of the papers if his followers on the social network supported such action. More than half of the poll participants were in favor of selling the shares. On November 8, Musk started selling the securities he owns.

At the moment he has sold about 70% of the volume of the planned for sale package, the agency calculated. Tesla “pays” Musk with options Ilon Musk is the richest man in the world with a fortune of $284 billion, according to the Bloomberg Billionaires Index as of Dec. 3. His fortune has increased by $128.1 billion this year, thanks in part to a 49% rise in Tesla stock since January. He does not receive a cash salary or bonuses from Tesla, and the foundation of his fortune is made up of shares in the electric car maker. The company settles with Musk with options to buy Tesla shares at a fixed price.

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