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Musk sold 934,091 shares after exercising options to buy 2.1
million stocks at $6.24 each on Monday. Tesla shares closed at
$1,013.39. He is required to pay income taxes on the difference
between the exercise price and fair market value of the shares.
This is the second time in a week that the billionaire has
exercised his stock option. Last Monday, he sold another 934,000
shares https://www.reuters.com/business/autos-transportation/tesla-selloff-puts-risk-its-1-trillion-club-membership-2021-11-10
for $1.1 billion after exercising options to acquire nearly 2.2
million shares.
The two options-related sales were set up in September via a
trading plan that allows corporate insiders to establish
preplanned transactions on a schedule, the filings said.
As of the end of 2020, he had an option to buy 22.86 million
shares, which expire in August next year, a Tesla filing shows.
On Nov. 6, Musk polled Twitter users about selling 10% of his
stake, pushing down Tesla's share price after a majority on
Twitter said they agreed with the sale. It was not clear how or
whether the trading plan related to Musk's Twitter poll.
(Reporting by Hyunjoo Jin in San Francisco and Aakriti Bhalla in
Bengaluru; Editing by Himani Sarkar)
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