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Tesla chief Elon Musk continues to sell his shares reveal filings made to the Securities and Exchange Commission (SEC). The filings show Musk liquidated close to $2 billion of his holdings in his electric vehicle company this week. Tesla's shares have appreciated meteorically this year due to its production success and consistent deliveries. Alongside, Musk has come under criticism for evading taxes, and the latest stock sale comes as his other company, SpaceX, moves full steam ahead with building the world's largest rocket in Boca Chica, Texas.
Elon Musk Sells Close To Million Tesla Shares Worth $948 Million In Single Day
The first two days of this week have come to witness Musk sell roughly one million Tesla shares to net $1.9 billion in proceedings. The liquidation was spread evenly over Monday and Tuesday, with approximately $950 million of sales made each day. They are the latest in a series of sales made by Musk that kicked off during the third week of this month.
Filings made to the SEC early morning today reveal that the Tesla chief sold 920,591 shares yesterday, at an average price of $1,030. Tesla shares had sharply dipped during trading on Monday, reaching as low as $983, a fact that is also visible in Musk's filings for the day. However, the stock fared off better during the next day, removing the drops made on Monday and Friday.
Musk's first share sales during the second half of this year saw him fare better off in terms of price. The first SEC filing, which lists down his sales during the second week of this month, saw the executive fetch as much as $1,175 for a block of six thousand Tesla shares. In comparison, the sales made on Monday saw the share price drop down to $980 for a block of 1,400 shares.
The November 8th share sale saw Musk sell more than a quarter of a million Tesla shares, spread over small and large blocks compared to the latest SEC filing. On the 8th, the largest chunk of Tesla shares sold had more than 100,000 shares for a single transaction but went as low as 400 shares. But the smallest block of the sales made yesterday consisted of more than ten times that amount.
Additionally, the latest selling spree saw Musk tap into his options and his trust as well. The trust held 170 million Tesla shares at the start of this month, and Musk sold shares from it starting from the ninth of this month and ending on Friday. By then, he had reduced the Elon Musk Revocable Trust by a little more than four million shares, marking for a 2% liquidation.
Tesla shares closed at $1,162 on the 8th, and since then, they have been on a downward spiral. The stock opened at $1,063 today, reflecting a drop of 8.5%. The drop corresponds to roughly a quarter of the gains made by Tesla stock in the second half of this year.
The share price at the start of this year was $729, and by June end, it had dropped to $679. However, since then, it has appreciated by approximately 56% and catapulted Musk to the top of the world's billionaire list.
Apart from owning millions of Tesla shares, Musk's trust also owns 43.6% of SpaceX shares. However, the executive maintains absolute control over his space exploration company since he controls close to 78% of all of SpaceX's outstanding shares, according to submissions made by the company to the Federal Communications Commission (FCC) earlier this year.