Elon Musk exercises more options, sells Tesla shares worth $1.01B
Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion
Elon Musk has sold another round of Tesla shares to meet his tax obligations related to the exercise of options to buy 2.1 million shares.
The Tesla chief executive sold 934,091 shares of the electric vehicle maker worth $1.01 billion, according to regulatory filings and reported by Reuters.
Musk has been selling shares since early last month after he asked his 60 million Twitter followers if he should sell some of his Tesla stock.
"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my stock," he wrote. According to Musk, 58% of those who responded said yes.
ELON MUSK SELLS MORE TESLA SHARES WORTH $687M
That initial tweet proved to be costly. He lost $50 billion in the following two days as shares fell, according to Bloomberg.
Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.
Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year, according to Reuters.
TESLA HEADQUARTERS NO LONGER LOCATED IN CALIFORNIA, MAKES MOVE OFFICIAL: 'MUCH CHEAPER'
Tesla also revealed it officially moved its headquarters from California’s Silicon Valley to Texas.
"On December 1, 2021, Tesla, Inc. relocated its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas 78725," the automaker announced Wednesday in a regulatory filing.
Musk had said at the company’s annual meeting in October that the move was coming. Tesla had also used Austin as the dateline in press releases since October.
The Associated Press contributed to this report.