Flexing the way Elon Musk.
Tesla CEO Elon Musk has sold $ 930 million worth of shares to meet tax withholding obligations related to the exercise of stock options.
According to a filing by U.S. Securities on Monday, Musk sold 934,091 shares after exercising an option to buy 2.1 million shares at a price of $ 6.24 each. He is required to pay income tax differing between the exercise price and the fair market value of the shares.
Subsequently, Tesla shares closed at $ 1,013.39 with a decline of nearly 2% after the New York session.
This is the second time this week the electric car millionaire has done so. He once sold 934,000 shares worth $ 1.1 billion after exercising options to acquire approximately 2.2 million shares.
In addition, it also shows that the two options-related sales that were made in September were part of a trading plan that allows corporate insiders to create transactions that have been planned according to schedule.
As of the end of 2020, Musk has an option to buy 22.86 million shares which will expire in August next year.
Meanwhile, on November 6, Musk conducted a survey on his personal Twitter regarding the sale of the 10% stake but it is still unknown whether the survey is related to Tesla's trading plan.
