Elon Musk sold about $6.9 billion in Tesla stock this week.
- Tesla CEO Elon Musk's trust sold nearly $1.2 billion in Tesla stock, according to financial records issued Friday evening. Over the course of the week, he sold $6.9 billion worth of company stock.
- Musk still owns over 166 million shares in the company.
- For the week, Tesla stock fell 15.4 percent, marking the company's worst one-week performance in 20 months.
Tesla CEO Elon Musk's trust sold nearly $1.2 billion in Tesla stock, according to financial records issued Friday evening. He still owns over 166 million shares in the company.
Over the course of the week, Musk sold nearly $6.9 billion in company stock. Some of the shares were sold to cover tax liabilities arising from the execution of stock options.
The stock price of the corporation was affected by these sales. For the week, Tesla stock fell 15.4 percent, marking the company's worst one-week performance in 20 months. Except for drops in February and March 2020, when the coronavirus pandemic sent markets sliding, this was Tesla's worst week ever.
Following a record closing price of $1,229.91 on Nov. 4, 2021, Tesla shares are still up roughly 46 percent year to year.
Musk urged his 60 million Twitter followers to vote in an informal poll on Nov. 6, telling them that their decision would determine the destiny of his Tesla holdings. However, according to financial paperwork submitted earlier this week, some were set for sale this week regardless of the poll's conclusion.
Musk had previously stated that he planned to sell "a significant block" of his options in the fourth quarter. Musk stated his marginal tax rate would be over 50% when his Tesla stock options expire when he spoke at the Code Conference in September.
