Tesla shares go up following Musk’s latest offloading
Tesla shares have gone up to $1,063.51 at market opening time after Elon Musk sold a further $973m worth of stocks to pay taxes.
According to SEC filings, Musk bought 2.1 million shares worth $2.2bn at yesterday’s closing price of $1,054.73, offloading around 934,000 of his holdings on the same day.
Since abiding by a Twitter poll where he asked his followers whether he should sell 10 per cent of his quota, the extravagant entrepreneur has offloaded around 8.2 million shares worth around $8.8bn – almost 5 per cent of his total stake in Tesla.
Earlier this week, the company’s market valued tumbled below $1tn after investors reacted to the billionaire’s ongoing stock sale, City PM reported.
Following a $187bn loss in market value over the last week, the company dropped below $999.75, with shares going down to $983.25 on Monday morning.