Elon Musk Sells Another $934M Worth Of Tesla Shares To Pay Tax Bill

Tesla Inc TSLA CEO Elon Musk sold another 934,091 shares in the automaker, worth nearly $906.5 million, on Monday, as per filings made with the U.S. Securities and Exchange Commission.

What Happened: Musk conducted the sale of shares to satisfy tax withholding obligations on the exercise of stock options to purchase 2.13 million shares of Tesla, as per the filings.

Last week, Musk had sold another tranche of 934,091 shares in the automaker.

See Also: How To Buy Tesla (TSLA) Shares

Why It Matters: Musk asked his Twitter following in early November if he should sell 10% of his held shares in Tesla, which amount to 17 million shares, without taking into account exercisable options.

To date, Musk has sold 12.7 million or 74.7% of those 17 million shares. He has also exercised nearly 15 million options. 

Tesla’s stock hit an all-time high of $1,229.91 on Nov. 4. At Monday’s close, Tesla shares were down 21.42% from that level.

Musk was named Time Magazine’s 2021 Person of the Year on Monday. Time Editor-In-Chief Edward Felsenthal attributed the entrepreneur’s rise to “the continuing decline of traditional institutions in favor of individuals.”

Price Action: On Monday, Tesla shares closed 4.98% lower at $966.41 in the regular session and fell 1.18% to $955 in the after-hours trading.

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