Sunday, December 5

Elon Musk raises $ 5 billion from sale of Tesla shares

Tesla CEO and founder Elon Musk this week sold about 4.5 million shares of the electric vehicle company, valued at $ 5 billion to comply with a tax obligation.

The sale of the electric car maker’s shares occurred between Monday and Wednesday, after Musk asked his followers on Twitter last weekend if he should sell 10% of the shares, which the majority approved.

After selling less than 1% of his stakes on Monday, he sold about 2% over the next two days, according to documents from the Securities Market Commission (SEC) cited by the media.

It is unknown if it will continue to sell until it reaches the 10% you promised and Twitter.

Musk, who runs his space company Space X, still owns almost 17% of Tesla shares, valued at about $ 180 billion. The company recently surpassed a trillion dollars in valuation market.

SEC documents indicate, however, that the exercise of options and Monday’s sales were made under a business plan preset on September 14, almost two months before Musk made the query on the social network.

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They note that Musk, considered the richest man in the world, indicated that sold about a million shares “only” to cover taxes on 2,154,572 shares he collected at $ 6.24 each.

Then on wednesday he sold 3.6 million additional shares, the documents point out.

Reference-www.elperiodico.com

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