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Elon Musk sells another batch of Tesla shares for $884m

To make good on a pledge to cut 10% of his stake in the company. 
Image: Johannssen-Koppitz/Bloomberg

Elon Musk has sold more than three-quarters of the Tesla shares he’d need to offload to make good on a pledge to cut 10% of his stake in the company.

In the second round of disposals this week, Musk got rid of 934 091 shares for more than $884 million, according to regulatory filings dated Thursday. The sales were to pay for taxes on the exercise of 2.2 million options.

The world’s richest person has been on a selling spree since he asked his Twitter followers on November 6 whether he should offload 10% of his Tesla stake, to which the majority answered “yes.” At the same time, he’s been exercising options, something he had said he was likely to do toward the end of the year and had set up a trading plan for.

He’s now sold 12.9 million shares for $13.6 billion, while exercising 17 million of the derivatives. The 10% threshold would represent about 17 million shares without taking into account the exercisable options.

Tesla stock has dropped 25% since a peak on November 4.

With a $243 billion fortune, Musk is the world’s richest person, according to the Bloomberg Billionaires Index.

© 2021 Bloomberg

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Maybe the Special Envoys sent by Ramaphosa successfully convinced Elon Musk to dump Tesla and to invest in SAA, Mango, and Eskom instead. He can afford to feed the ravenous BEE monster and finance cadre deployment on the side.

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