Elon Musk Sells $1.1 Billion In Tesla Shares

Tesla CEO Elon Musk sold approximately $1.1 billion in shares of his electric car company, after indicating over the weekend he would sell 10 percent of his stock based on the results of a Twitter poll.

However the sell was put in motion on September 14, according to documents filed Wednesday, meaning it was not spurred by the survey's outcome.

Musk, the world's richest man, sold about 930,000 shares on Monday, a filing with the US Securities and Exchange Commission financial regulator showed.

On Saturday, Musk polled his more than 62 million Twitter followers about whether he should sell 10 percent of his Tesla shares, insisting he would do as voters say. The people voted "yes."

The electric car maker's query followed a proposal by US Congressional Democrats to tax the super wealthy more heavily by targeting stocks, which are usually only taxed when sold.

Following the poll, Tesla's share price plunged Monday, meaning the 50-year-old entrepreneur sold his stock at a significantly lower price than if he had sold it before his tweet, losing tens of millions of dollars in unrealized profit.

Musk still holds more than 170 million Tesla shares, according to the SEC documents, worth a total of $183 billion at Wednesday's closing price.

On Monday, the Tesla founder excercised 2.15 million stock options, buying the securities at $6.24 each -- less than one percent of their current value.

Copyright AFP. All rights reserved.

RECENT NEWS

Europe Paralysed As Middle East War Exposes Strategic Weakness

Europe likes to describe itself as a geopolitical power. The war spreading across the Middle East has revealed something... Read more

Tesla Moves Into Britains Power Market After Ofgem Approval

Tesla has secured approval to supply electricity directly to homes and businesses across Great Britain after the UK ener... Read more

War Risk Returns To Markets As VIX Surges

For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more

Gulf Shipping Crisis Raises Risk Of Global Food Price Shock

Tensions in the Middle East are beginning to spill into global food markets as disruption to shipping through the Strait... Read more

Markets Prepare For Fallout From US Led Airstrikes

US and Israeli strikes on Iran have jolted global markets back into a world where geopolitical risk is not a tail event ... Read more

WPP Aims To Cut £500 In Costs In AI Race

WPP has unveiled a sweeping restructuring programme aimed at stripping out £500mn of annual costs by 2028, as new chief... Read more