Musk sold his titles Monday at a significantly lower price than if he had done so prior to his tweet.
Tesla founder and CEO Elon Musk sold about $ 1.1 billion worth of shares in the electric vehicle maker on Monday, after announcing over the weekend that he planned to divest 10% of its shares.
According to documents filed Wednesday with the US market regulator (SEC), the world’s richest man sold about 930,000 shares on Monday alone.
On Saturday, the 50-year-old businessman conducted a survey from his Twitter account to find out whether or not you should divest 10% of your Tesla shares. 57.9% of the 3.5 million voters responded positively.
On Twitter, Elon Musk asks if he should sell 10% of his shares in Tesla and says he will respect the survey result
On Monday, at the opening of Wall Street, the stock had plummeted, falling as much as 7.2% as the market feared that Musk would single-handedly unbalance the supply and demand for the company’s shares.
For that reason, Musk sold his titles on Monday at a significantly lower price than if he had done so before his tweet, a decision that cost him tens of millions of dollars..
The document also reveals that the tycoon had initiated the sale on September 14, therefore it was not a decision made after the survey.
At the end of the transaction, Musk still had, according to the filing with the SEC, 1.22 million shares of Tesla in open access, as well as 170.4 million others deposited in a trust for a total value of 183,000 million of dollars, at Wednesday’s closing price.
On Monday, the founder of Tesla had also exercised 2.15 million stock options, which allowed him to buy the largest number of securities at $ 6.24 each, or less than 1% of their current value.
After losing another 11.99% on Tuesday, still hurt by Musk’s announcement, Tesla shares finally rallied on Wednesday and closed 4.34% higher. (I)
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