Tesla CEO Elon Musk’s trust sold about $1.2 billion in Tesla stock on Friday, according to financial filings posted Friday evening. He still holds more than 166 million shares in the company.
During the course of the week, Musk sold of nearly $6.9 billion in company stock. Tax obligations due to the exercise of stock options prompted the sale of some of the shares.
The share price of the corporation was affected by the sales. It was Tesla’s worst one-week performance in 20 months, with the stock falling 15.4 percent. Aside from drops in February and March of 2020 due to the coronavirus epidemic, this was the worst week ever for Tesla stock.
It’s been a record-breaking year for Tesla shares, with the company’s stock closing at $1,229.91 on November 4, 2021.
Earlier this month, Tesla CEO Elon Musk urged his more than 60 million Twitter followers to vote in an informal poll, and he promised that their choice will have a direct impact on the company’s future. However, according to financial paperwork submitted earlier this week, some of the properties were still set to be sold this week regardless of the poll’s conclusion.
Musk previously stated that he planned to sell “a huge block” of his options in the fourth quarter. Musk stated his marginal tax rate will be around 50% when his Tesla stock options expire in a speech at the Code Conference in September.