In a move surprising absolutely no one, Elon Musk on Friday continued his trend for the week in selling off his stake in the company he likes to claim he founded. For the fifth straight day in a row, Musk sold off shares held in that of Tesla (NASDAQ: TSLA).
On Friday, Musk sold off an additional 1.2 million shares of the company that he held within his personal trust. The shares were sold at prices between $1,020.53 and $1,044.75. In total, he collected an additional $1,235,607,328.52 in gross proceeds from the sale.
With the addition of Friday’s transactions to the mix, it brings the weeks total to 6,361,875 shares sold, with prices ranging from as low as $1,000 per share to as high as $1,196.24. Gross proceeds meanwhile have amounted to an eye-popping $6,906,015,207.93.
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Perhaps more significantly, the shares sold all came from his personal trust, save for the shares sold on Monday, which came from his personal holdings. Monday’s sale reflected certain options that are expiring in August of next year, and with all following share sales coming from his trust, suggests that more selling can be expected in the near term.
Tesla last traded at $1,033.42 on the Nasdaq.
Information for this briefing was found via Edgar. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
Elon does not ever say that he founded the company; further he is not selling because he is greedy and wants to take cash, he is selling because tax rates on capital gains will be skyrocketing next year.