Tesla and SpaceX CEO Elon Musk has sold another 934,090 shares, or about $1.02 billion worth of his holdings, in his electric car and solar business according to official SEC financial filings published late Tuesday.
Musk also exercised options to buy nearly 1.6 million Tesla shares at a strike price of $6.24 per share. Those stock options were granted to him via a 2012 compensation package.
In exercising his options this quarter, Musk’s holdings in Tesla have increased from about 170.5 million shares to over 177 million shares, the Wall Street Journal first reported.
Since Nov. 8, Musk has been on a selling spree, partly to pay his looming tax bills on those options.
The Stock seems to be immune to bis stock Sales and it doesn’t seem to have a big impact on the overal Tesla Share price:
The popular CEO polled his millions of Twitter followers in the first week of November asking if he should sell 10% of his stake in Tesla. They voted yes. But a major portion of the sales that followed the entertaining Twitter poll were part of a plan that Musk adopted in September this year.
Under 10b5-1 rules, corporate insiders (including CEOs) can trade their own equity as part of pre-announced portfolio management plan. They must declare in advance when and how they plan to trade to protect themselves from later accusations of insider trading.