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Musk sold 587,638 and 52,099 shares held by his trust on Nov. 11
in multiple transactions, according to two https://bit.ly/3qwQkRx
separate filings https://bit.ly/3C7EoYr.
Tesla shares were up 0.5% at $1,069 in premarket trading.
Musk, the world's richest person and Tesla's top shareholder,
tweeted last weekend that he would sell 10% of his stock if
users of the social media platform approved the move.
In the first round of share sale, filings showed Musk's trust
sold nearly 3.6 million shares in Tesla, worth around $4
billion, while he also sold another 934,000 shares for $1.1
billion to cover tax obligations after exercising options to
acquire nearly 2.2 million shares.
Prior to the sale, Musk owned a stake of about 23% in Tesla,
including stock options.
Musk had previously said he would have to exercise a large
number of stock options in the next three months, which would
create a big tax bill. Selling some of his stock could free up
funds to pay the taxes.
(Reporting by Subrat Patnaik and Akash Sriram in Bengaluru;
Editing by Anil D'Silva)
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