Money & The Economy

Musk Unloads Another $1 Billion In Company Stock

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.”

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org

Harry Wilmerding

Share
Published by
Harry Wilmerding

Recent Posts

Branco Cartoon – Saving Medicare

Democrats and some RINOs are screaming bloody murder about cutting waste, fraud, and abuse from…

21 minutes ago

Congress Must Protect Law Enforcement From Leftist Censorship

For decades, the Left has sought to use social pressure to discourage Americans from challenging…

13 hours ago

Two Israeli Embassy Staff Killed by Pro-Palestinian Terrorist In DC

Two Israeli Embassy staff members were shot and killed on Wednesday evening near the Capital…

13 hours ago

Washington Governor Signs Bill Limiting Parents’ Rights In Schools

Democratic Washington Gov. Bob Ferguson signed a bill Tuesday eroding a citizen-backed initiative that had…

13 hours ago

School District Piped Taxpayer Cash Into Clandestine Clubs Turning Kids Into LGBT Activists

A California school district took federal funds from a disease prevention grant and funneled them…

13 hours ago

DOJ Dismisses Biden-Era Lawsuits Against Police Departments

WASHINGTON — The Department of Justice (DOJ) Civil Rights Division announced Wednesday it’s dismissing last-minute…

13 hours ago