Elon Musk sells $ 5.7 billion worth of Tesla stock in a week

Elon musk re-sells hundreds of millions of shares of Tesla. The CEO has already sold more than $ 5.7 billion. This massive sale has caused a loss of 15.4% in the value of the company’s shares.

In this way, he solves the query he made on Twitter to his followers, who approved that he sell 10% of his shares.

“There is a lot of talk lately that unrealized gains are a way to evade taxes, so I’m proposing to sell 10% of my Tesla stock. Do you support this?”, was the message that Musk sent and that was followed by a fall in the value of the shares.

After the consultation, the company’s shares had fallen more than 13% as of Thursday, but still, they remain near their all-time highs, and the company is still worth more than a trillion dollars.

This Friday also lost ground Tesla on Wall street after knowing the last sale, and at the close of Wall Street its shares fell 2.83% to 1,033.42 dollars.

However, in the accumulated annual, the company has appreciated 46%.

Despite his sales, the tycoon remains the largest investor in Tesla. Musk South African still holds 167 million shares of the electric car company, making him by far Tesla’s biggest investor.

The businessman faces a deadline, August 2022, to sell another 20 million shares, which would otherwise be worthless.

A higher share sale could finance the high taxes you have to pay Musk on the latest trades, which are stipulated on the difference between the current price, above $ 1,000 per share, and the exercise price, of $ 6.24.

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