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Tesla's Musk over halfway through his pledge with nearly $11 billion stake sale

Stock MarketsDec 03, 2021 09:46AM ET
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© Reuters. FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo

By Hyunjoo Jin and Subrat Patnaik

(Reuters) - Tesla (NASDAQ:TSLA) Inc Chief Executive Elon Musk has sold nearly $11 billion worth of shares since the world's richest person polled Twitter (NYSE:TWTR) users about offloading 10% of his stake in the electric-car maker.

He has sold a combined 10.1 million shares, which is over half of the stake that he had pledged to sell, and has acquired 10.7 million shares by exercising options, since Nov. 8.

Here is a string of transactions he has done:

DATE SHARES ACQUIRED SHARES SOLD GROSS PROCEEDS

NOV. 8 2.2 mln

NOV. 8 934,091 $1.10 bln

NOV. 9 3.1 mln $3.35 bln

NOV. 10 500,000 $527.3 mln

NOV. 11 639,737 $687.3 mln

NOV. 12 1.2 mln $1.24 bln

NOV. 15 2.1 mln

NOV. 15 934,091 $930.7 mln

NOV. 16 2.1 mln

NOV. 16 934,091 $973.4 mln

NOV. 23 2.15 mln 934,091 $1.05

bln

DEC. 2 2.1 mln 934,091 $1.01

bln

Total 10.7 $10.87 bln

mln 10.1 mln

HOW DID MUSK SELL?

Musk said on Nov. 6 he would sell 10% of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23% as of June 30. It included 170 million shares held by his trust.

The tweet was vague. Musk did not outline if he was intending to offload 10% of his shares he indirectly owned through the trust or if his stock options were also part of the deal.

Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.

(This story corrects gross proceeds numbers for Nov. 23 and Dec. 2, and total gross proceeds in table. Also corrects figures for shares sold and bought in paragraph 2)

Tesla's Musk over halfway through his pledge with nearly $11 billion stake sale
 

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Comments (2)
wan ashrizah wan omar
wan ashrizah wan omar Dec 03, 2021 12:10PM ET
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Mr. Musk, you should sell all your Tesla stock. give your Tesla to someone else to be a new CEO.
Me comment
Me comment Dec 03, 2021 9:54AM ET
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So he now owns 700,000 more shares then when he started. He has lied about selling 10%.
 
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