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Factbox-Tesla's Musk halfway through his pledge with $9 billion stake sale

Factbox-Tesla's Musk halfway through his pledge with $9 billion stake sale
Factbox-Tesla's Musk halfway through his pledge with $9 billion stake sale   -   Copyright  Thomson Reuters 2021
By Reuters

By Hyunjoo Jin and Subrat Patnaik

– Tesla Inc Chief Executive Elon Musk has sold nearly $9 billion worth of shares since the world’s richest person polled Twitter users about offloading 10% of his stake in the electric-car maker.

He sold a combined 8.2 million shares, which is nearly half of the 10% stake that he had pledged to sell.

Here is a string of transactions he has done since Nov. 8.

GROSSPROCEEDS

DATESHARESACQUIREDSHARESSOLD

2.2

NOV. 8 mln

$1.10

NOV. 8 934,091 bln

$3.35

NOV. 9 3.1 mln bln

NOV. 10 500,000 $527.3 mln

NOV. 11 639,737 $687.3 mln

$1.24

NOV. 12 1.2 mln bln

2.1

NOV. 15 mln

NOV. 15 934,091 $930.7 mln

2.1

NOV. 16 mln

NOV. 16 934,091 $973.4 mln

6.4 $8.81

Total mln 8.2 mln bln

HOWDIDMUSKSELL?

Musk on Nov. 6 said he would sell 10% of his stake if Twitter users agreed. He owned a combination of about 244 million shares through his trust and stock options, bringing his stake in Tesla to about 23% as of June 30. It included 170 million shares held by his trust.

Musk’s tweet was vague. He did not outline if he was intending to offload 10% of his shares he indirectly owned through the trust or if his stock options were also part of the deal.

Musk had an option to buy 22.86 million shares at $6.24 each, which expire on Aug. 13, 2022, according to a Tesla filing.

After buying about 6.4 million stocks, he has options for about 16.5 million more shares he needs to exercise by next August.