Elon Musk has sold more than three-quarters of Tesla Inc. shares he will need to offload to make good on his pledge to cut 10% of his stake in the company.
Musk got rid of 934,091 shares for more than $884 million in a second round of settlement this week, according to a regulatory filing on Thursday. The sale was to pay taxes on the exercise of 2.2 million options.
The world’s richest man has been on a sales spree since he asked his Twitter followers on November 6 whether he should sell his 10% stake in Tesla, to which the majority answered “yes”. Also, he is exercising options, something he said he was likely to do at the end of the year and for which he had established a business plan.
They have now sold 12.9 million shares for $13.6 billion, while exercising 17 million derivatives. The 10% limit would represent approximately 17 million shares, regardless of exercisable options.
According to the Bloomberg Billionaires Index, with a net worth of $243 billion, Musk is the richest person in the world.
This story has been published without modification in text from a wire agency feed.
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