By Mike Murphy
CEO has sold $7.8 billion in stock over the past week as shares have sunk
Elon Musk continues to unload Tesla Inc. stock, exercising his options and selling another $930 million in shares Monday after dumping $6.9 billion in stock last week.
According to filings Monday with the Securities and Exchanges Commission, Musk sold more than 934,000 shares Monday at prices ranging from $6.25 to $1,028 a share.
In total, Musk has sold about 7.23 million shares for about $7.83 billion since Nov. 8, a day after Musk's Twitter poll decided he should sell 10% of his Tesla stake. Some of the stock sales had been put into motion well before the poll was posted.
Also see: JPMorgan sues Tesla for $162 million in dispute related to Elon Musk's 2018 tweets
Musk's selloff last week led to the worst week for Tesla stock in more than a year. Tesla shares (TSLA) fell nearly 2% Monday, and are down more than 17% since Nov. 8.
If Musk indeed intends to sell 10% of his shares, he's far from being done. As of last week, his stake amounted to about 17 million shares -- so he would have about 9.77 million shares to go.
Musk, the world's wealthiest man, has millions of stock options that he needs to exercise by August 2022, and Musk said in September that he intended on selling a large chunk of stock in the fourth quarter. CNBC reported last week that Musk faced about a $15 billion tax bill on those options.
Despite the recent tumble, Tesla shares are still up 44% year to date, and have gained 148% over the past 12 months.
(END) Dow Jones Newswires
November 16, 2021 08:40 ET (13:40 GMT)
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