Billionaire Elon Musk resumes selling Tesla shares for the seventh consecutive trading session, approaching the halfway point in divesting his 10% stake in the electric car maker .
According to Arab Net, regulatory filings revealed that the Tesla CEO disposed of 934,091 shares on Tuesday, valued at $973 million.
This comes after he has made $7.8 billion in sales since his Twitter followers polled on November 6, to answer a question about selling his 10% stake in Tesla with a yes. or not.
Musk also sold 2.1 million stock options on Tuesday, part of the stock sales to help pay taxes on the exercise of those options.
Stock options, rights that Elon Musk acquired in the years following 2012, allow him to buy Tesla stock at about $6 per share, compared to the current price of More than $1,000, with a total balance of about 21 million options.
To reach the threshold to sell 10% of his stake in Tesla, Musk would need to sell about 17 million shares, which is about 1.7% of the company's outstanding shares. So far, he has disposed of about 8.2 million shares. If his actionable options are taken into account, he will need to sell more.
Musk has sold 6.4 million options since the Twitter poll, which did not reveal derivatives that expire next year. He said in September that he will likely exercise a huge mass of them towards the end of this year.
Tesla shares rose by 3.25% at the end of trading yesterday, Wednesday, for the third consecutive session, after a series of declines that led the stock to fall by about 18% in 6 sessions.
Musk's fortune has exceeded $300 billion after the recent surge in Tesla shares, according to the Bloomberg Billionaires Index.
