May 19, 2022

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Elon Musk dumps Tesla stock — close to goal of reducing ownership by ten percent

Elon Musk dumps Tesla stock — close to goal of reducing ownership by ten percent

Elon Musk is said to have sold Tesla shares for another $928.6 million, approaching the goal of reducing his stake in the company by ten percent. Bloomberg writes.

The stock sale comes after Musk responded to a Twitter user by saying he “soon hit the target”. Musk responded to the user by clarifying an article claiming to have already hit the target.

Musk has been dumping Tesla shares since he asked his Twitter followers in November if he should sell himself at the company.

Twitter poll

In early November, Tesla CEO Elon Musk addressed his 65 million Twitter followers:

“There has been a lot of talk about unrealized gains on shares as a method of tax evasion, so I am proposing to sell ten percent of my Tesla stock. Do you support this?”

The Twitter message was a stab in the face for US President Joe Biden, who wanted higher taxes on the unrealized stock values ​​of the wealthy. One month after the Twitter message, Musk sold Tesla shares for more than ten billion dollars, equivalent to more than 90 billion Norwegian kroner, according to numerous US media reports.

It is not known if the desire of Twitter followers is the real reason why Musk is now selling himself at the company. According to Bloomberg, the Tesla CEO must have stated several months ago that Musk had plans to sell a large stake in stock options by the end of the year.

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I reached the magic limit in October

So far this year, Tesla shares are up nearly 40 percent, from a price of $730 to $1,008 a share.

In October of this year, it became the fifth company in the world to have a market capitalization exceeding $1,000 billion.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.