Musk Says He Has Sold Enough Stock to Unwind 10% of His Stake
Comment of the Day

December 22 2021

Commentary by Eoin Treacy

Musk Says He Has Sold Enough Stock to Unwind 10% of His Stake

This article from Bloomberg may be of interest to subscribers. Here is a section:

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.

Eoin Treacy's view

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.

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