Elon Musk has disposed of enough shares to reach a target of reducing his stake in Tesla Inc. by 10%, the head of the electric-car leader said in an interview.
“I sold stock that should roughly make my total Tesla share sale roughly 10%,” he told satirical website Babylon Bee.
Musk has been offloading Tesla stock since asking his Twitter followers in November whether he should sell some of his stake. The move is part of a plan to generate cash to cover an estimated tax bill of more than $10 billion on stock options Musk is due to exercise.
Elon Musk’s personal holding of Tesla shares represents a significant source of supply. His sales soaked up a lot of demand over the last six weeks and contributed to an almost complete unwinding of the overbought condition relative to the trend mean.Click HERE to subscribe to Fuller Treacy Money Back to top