Elon Musk exercises all of his Tesla stock options expiring next year

He has offloaded $16.4 billion worth of shares since early November

San Francisco– Tesla Chief Executive Elon Musk has worked out all of his options expiring next year, signaling an end to his stock sales that triggered a fall in the share price of the world’s most important carmaker.

Musk stated last week that he would reach his target of offering around 10% of his stake in Tesla “when the 10b preprogrammed sales total,” likely referring to his options-related supply sales.

Given that early November, he has actually worked out alternatives ending following year and sold a part of Tesla supply to pay tax under a “rule 10b5-1″ trading strategy set up in September.

With the choice exercise on 1.6 million shares on Tuesday, he has actually worked out every one of the choices on 22.8 million shares, which are due to end in August. He likewise sold 934,090 shares for $1.02 billion to pay for taxes, the filings revealed.

” This policy 10b5-1 trading plan was finished on December 28, 2021,” Tesla claimed in filings on Tuesday.

Tesla shares shed concerning a quarter of their value after Musk in November asked his fans on Twitter if he should sell 10% of his holdings. They have rebounded to $1,088.47, but are still below the document closing high of $1,229.91 in November.

Musk has so far offloaded 15.7 million shares in Tesla, resembling the 10% stake the billionaire has pledged to offer.

Out of the 15.7 million shares, 10.3 million were connected to the choices workout. Musk marketed an additional 5.4 million, capitalizing Tesla’s strong rally.

He has offloaded $16.4 billion well worth of shares given that early November when he claimed he would market 10% of his Tesla stocks if Twitter customers concurred.

The Twitter survey came 2 days after Tesla shares hit a document high following a rally triggered by an order for Tesla automobiles from rental company Hertz.