Elon Musk unloads another $1 billion in company stock

Harry Wilmerding, DCNF

Tesla chief executive Elon Musk sold another roughly $1 billion in Tesla shares, nearing his apparent target of selling 10% of his stake in the electric car company.

Musk sold 934,090 shares, or roughly $1.02 billion of his holdings, according to financial filings published Tuesday. He also exercised options to purchase almost 1.6 million Tesla shares for $6.24 per share which were granted in a 2012 compensation package.

Musk’s holdings in Tesla increased this quarter from 170.5 million shares to over 177 million, The Wall Street Journal reported. Musk has been selling chunks of his holdings since Nov. 8 in part to pay his massive tax bill.

Musk asked his Twitter followers in November if he should sell 10% of his stake in the company; they ultimately voted “yes.”

Corporate insiders, including CEOs, are allowed to trade their stake in their company in accordance with the Exchange Act Rule 10b5-1, CNBC reported. Executives must say in advance when and how they plan to sell in order to protect themselves from accusations of insider trading.

Tesla shares have surged over 54% in 2021, making Musk the wealthiest person in the world, according to CNBC.

Democratic Massachusetts Sen. Elizabeth Warren accused Musk of “freeloading” on Dec. 13, claiming the billionaire takes advantage of the U.S. tax code.

Musk responded by telling Warren to “stop projecting,” citing the senator’s claims about having Native American heritage and referring to her as “Senator Karen.”

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