The wealthiest man on Earth, Elon Musk, dumped some shares of Tesla this week. After the results of his Twitter poll tilted in favor of the Tesla CEO dumping 10% of his shares, Musk has started the process. On November 8, 2021 Elon Musk sold more than 930,000 shares at a total value over $1.1 billion. That's a lot of mayonnaise!
Forgot to say one thing at Tesla annual shareholders meeting: just as my money was the first in, it will be the last out.— Elon Musk (@elonmusk) June 5, 2013
Musk still holds over 170 million shares of Tesla (TSLA), which still makes him the company's largest shareholder. The decision to sell stock in Tesla does go against a tweet he sent out after the 2013 Tesla Annual Shareholders Meeting, but Musk sycophants try not to sweat details like honesty and actually delivering cars on time.
In an interview with Kara Swisher at Code Conference, Musk did say that he was planning on exercising a large block of stock options in Q4 2021 and that he would likely need to liquidate shares to do it. While many of his fans may buy his horse manure excuse for selling shares, it is very clear that he wanted people to vote yes so he could realize some huge gains.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.— Elon Musk (@elonmusk) November 6, 2021
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Tesla's stock has reacted pretty negatively this week, shedding over $200 billion in market cap in less than half a week before slightly recovering in today's trading session. If you believe Musk's words, this is not going to be his last sale of TSLA stock before the end of the year. There is a two day long lag time between an insider sale of stock and the accompanying Form 4 filing with the SEC, which is why we are just learning about the November 8 sale of stock today. It's entirely possible that we will hear about more Musk TSLA stock sales tomorrow.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.