Tesla Inc Chief Executive Elon Musk has sold nearly US$11 billion worth of shares since the world's richest person polled Twitter users about offloading 10per cent of his stake in the electric-car maker.
He has sold a combined 10.1 million shares, which is over half of the stake that he had pledged to sell, and has acquired 10.7 million shares by exercising options, since Nov. 8.NOV. 8 2.2 mlnNOV. 11 639,737 US$687.3 mlnNOV. 16 934,091 US$973.4 mlnHOW DID MUSK SELL? Musk said on Nov. 6 he would sell 10per cent of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23per cent as of June 30. It included 170 million shares held by his trust.
The tweet was vague. Musk did not outline if he was intending to offload 10per cent of his shares he indirectly owned through the trust or if his stock options were also part of the deal. Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at US$6.24 each, which expires in August next year.
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