After a weeklong lull, Elon Musk has sold another $1 billion worth of Tesla Inc. stock, continuing a nearly monthlong selloff that is expected to continue.
According to filings with the Securities and Exchanges Commission on Thursday, Musk exercised options to buy 2.1 million shares at $6.24 each and immediately sold more than 934,000 of them at prices ranging from $1,058 to $1,112, making about $1.01 billion.
The sale was the first for the Tesla chief executive since Nov. 23, following a flurry of sales in the previous weeks.
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Musk has sold about 10.1 million shares worth about $10.86 billion since Nov. 8, a day after Musk’s Twitter poll decided he should sell 10% of his Tesla stake. Some of the stock sales had been put into motion well before the poll was posted.
Assuming Musk intends to sell 10% of his shares, he’s more than halfway there. Before the sales began, his 10% stake amounted to about 17 million shares — so after Thursday’s sales, he has about 6.9 million shares to go.
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Musk, the world’s wealthiest man, has millions of stock options that he needs to exercise by August 2022, and Musk said in September that he intended on selling a large chunk of stock in the fourth quarter. CNBC reported last month that Musk faces about a $15 billion tax bill on those options.
are down more than 10% over the past 30 days, but are still up 48% year to date, and up 54% over the past 12 months.