Elon Musk sells another $1 billion in Tesla shares, nearing 10% target

Elon Musk

Elon Musk, CEO of Tesla, stands at the foundry of the Tesla Giga Factory during a press event.

Patrick Plue | Picture attachment | Getty Images

Elon Musk made another sale to Tesla Inc. for 1.02 billion. The stock is moving closer to its goal of reducing its stake in the electric car maker by 10 per cent. US Securities and Exchange Commission.

Musk is selling shares of Tesla after asking his Twitter followers in November if he should sell some of his shares. Musk said in a tweet last week that he had “almost completed” his 10 per cent stake in Tesla. Recent sales have brought Musk’s total to about 15.6 million shares at about .4 16.4 billion.

You will have to sell about 17 million shares to get rid of your 10 percent stake, although your exposure does not include exerciseable options.

Tesla gained 2.3 percent in pre-market trading in the United States. The stock has risen 54 percent this year. It is unclear whether the November vote had anything to do with Musk’s plans. Prepared a business plan to sell stocks before the end of the year options and his tweets. According to the Bloomberg Billionaires Index, Musk’s net worth is $ 278.9 billion, an increase of almost 80% this year.

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