Tesla Inc TSLA CEO Elon Musk sold $946.6 million worth of the automaker’s shares on Monday as per filings made with the U.S. Securities and Exchange Commission.
What Happened: The filings, made Monday, indicate that Musk exercised options to purchase 2.1 million stock options at $6.24 each and sold 934,091 shares.
Tesla shares closed at $1,013.39 on Monday, which would value the sale at $946.6 million.
“The shares of common stock were sold solely to satisfy the reporting person's tax withholding obligations,” as per the filing.
See Also: How To Buy Tesla (TSLA) Shares
Why It Matters: On Friday, it was reported the cumulative sales of Tesla shares for the week were valued at $5.7 billion.
Musk’s sale of shares came after he conducted a poll among his Twitter followers, asking them whether he should sell 10% of his stock. However, the plan was set in motion months before the poll was held.
The Tesla CEO does not receive a salary and is compensated through a stock options plan. Musk faces a $15 billion tax bill and would have likely have sold shares irrespective of the poll.
As per the latest filings, the trading plan was adopted on Sept. 14, for the purpose of “an orderly sale” of shares related to the exercise of options scheduled to expire in 2022.
Musk said earlier this year that he only sells Tesla stock when there’s “no choice.”
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Photo: Courtesy of Tesla
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