Elon Musk sells over $1.1 billion of Tesla stocks after Twitter poll
The chief executive of Tesla, Elon Musk, sold $1.1billion after the results of a twitter poll. The poll was basically based upon the question that was ‘ Whether he should sell 10% of his Tesla stock . He said that he will take the decision according to the polls. “YES’ was chosen by the maximum number of people and thus he continued with the poll decision and sold his shares.
After the poll’s decision, it was observed that Tesla’s stock price jumped up and increased .According to SEC data, Musk still owns more than 170 million Tesla shares, valued at $183 billion at Wednesday's closing price.
According to regulatory filings, Musk on Monday exercised the 2.15 million options at a price of $6.24 per contract and subsequently sold 934,000 shares to collect about $1.1 billion, Bloomberg reported.
It was mentioned in the regulatory filings that the shares were sold “solely to satisfy the reporting person’s tax withholding obligations related to the exercise of stock options,” according to Bloomberg.
Tesla has been on a roll. On Friday, the company's shares gained more than 40 per cent since last month when it announced a record profit for the third quarter. Last week, Tesla shares hit an all-time closing high of $1,229.91 per share. It's the most valuable carmaker in the world with a market capitalisation of more than $1 trillion. The stock fell 4.8 per cent Monday to $1,162.94. It is still up nearly 65 per cent for the year.
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