This week, the head of Tesla Elon Musk was actively selling the company’s shares – in just a few days he sold shares for almost $7 billion.
On November 11, Musk sold about 934 thousand shares of Tesla for $ 1.1 billion, then his trust sold more than 3.5 million shares for more than $ 3.88 billion. According to the documents of the US Securities and Exchange Commission (SEC), on Friday Musk sold another 639,737 shares at prices ranging from $ 1,056 to $ 1104. According to the documents, this is the last transaction with money at this time.
It began a few days earlier, when the head of Tesla arranged a poll on Twitter, asking users whether he should sell 10% of the company’s shares. The majority voted in favor. No sooner said than done, and after that Musk promptly fulfilled the will of the subscribers.
Although it looks like Musk was lying. In a filing with the US Securities and Exchange Commission (SEC), he indicated that he sold part of his share to meet tax obligations, and that he is making the deal according to the plan agreed in September. Such plans are being drawn up by the largest holders of the companies’ securities in order to avoid charges of insider trading.
And Musk chose the most appropriate time to sell shares. Tesla shares are skyrocketing for 11 consecutive weeks, up more than 46% this year. However, this week, after a poll on Twitter, the shares fell 15.4%, and the company lost about $ 187 billion in market value.
By the way, on the eve of the poll, other major Tesla shareholders sold their securities, including Chairman of the Board of Directors Robin Denholm and Elon Musk’s brother Kimbal Musk.