Tesla CEO Elon Musk has sold more than $10 billion worth of his shares in the company over the past month, but he isn’t done. TSLA has been rallying despite the massive sale by the company’s chief executive.
Elon Musk, the CEO of Tesla, sold off 934,091 of the company’s shares, according to the financial filings with the Securities and Exchange Commission published late Thursday. The shares sold by the company’s CEO were worth $963.2 million.
According to the filings, the world’s richest man also exercised stock options to purchase 2.17 million Tesla shares. Over the past month, Elon Musk has sold more billion worth of the company shares.
The CEO sold some of the shares to satisfy tax obligations related to an exercise of stock options. However, despite selling nearly $10 billion worth of his Tesla shares, Musk and his trust still hold over 160 million shares in the company.
Last month, Musk sold $9.85 billion worth of Tesla shares, including the $6.9 billion worth of stocks he sold in the second week of November. The sales of the shares came after Musk asked his 62 million Twitter followers if he should sell some of his stake in the electric vehicle manufacturer., and most of the respondents said yes.
Regardless, Musk had to sell some of his shares because of a looming tax bill of more than $15 billion.
Despite Musk selling more than $10 billion of his shares over the past month, TSLA has been rallying. TSLA is up by less than 10% over the past 24 hours and is currently trading above the $1,000 mark at press time.
Since the start of the year, Tesla’s shares have experienced a 43% surge in its value, outperforming most automakers in the United States. However, in the past month, TSLA has underperformed, losing more than 5% of its value during that period.
This article was originally posted on FX Empire
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