Elon Musk sells $1 billion in Tesla stock; plan was set before Twitter poll

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Elon Musk polled his Twitter followers last weekend about whether he should sell Tesla Inc. stock, but his plans to sell were already in progress.

Filings made public by the Securities and Exchange Commission on Wednesday afternoon showed Musk selling more than 930,000 shares of Tesla TSLA, +4.34% out of more than 2.1 million options he exercised at a price of $6.24 a share. Musk sold the shares for more than $1,100 and less than $1,200 apiece as Tesla shares dipped 4.8% on Monday, collecting roughly $1.09 billion.

The electric-car company’s chief executive made the plans to sell the stock on Sept. 14, according to the SEC filings. Musk asked his more than 60 million Twitter followers whether he should sell Tesla stock over the weekend, but had previously acknowledged that tax bills and expiring options would force him to sell some stock this year. More than 3.5 million votes were cast, with “yes” winning.

Musk still holds more than 170 million Tesla shares, a stake worth nearly $200 billion that gives him roughly 17% ownership of the company, according to FactSet. He stands to collect much more in the years ahead from performance awards he received in 2018 with qualifying benchmarks set around market capitalization and other factors.

Tesla stock has increased more than 160% in the past year and nearly 1,500% in the past two years total, pushing the company’s market cap past $1 trillion. Shares gained 2.7% in after-hours trading Wednesday following the release of the SEC filings that detailed the sale.

This article was originally published by Marketwatch.com. Read the original article here.

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