Tokyo, 13 November, /AJMEDIA/
Tesla Inc (TSLA.O) top boss Elon Musk sold another block of company shares worth about $700 million, filings showed on Friday, as the billionaire takes advantage of a meteoric rally that drove the electric carmaker’s value to over $1 trillion, AJMEDIA reports citing Reuters.
The second round of hefty stock sales this week comes just days after the world’s richest person and Tesla’s top shareholder tweeted that he would sell 10% of his shares if users of the social media platform approved the move.
Musk disclosed the additional share sale, which was worth about $687 million, in regulatory filings after offloading about $5 billion in stock earlier in the week.
Musk’s trust sold 587,638 and 52,099 shares on Nov. 11 in multiple transactions, according to two separate filings on Friday.
In the first round of the sale, filings showed that Musk’s trust had offloaded nearly 3.6 million shares worth about $4 billion.
The stock sales, which marked the first time that Musk cashed out on a stake of that size since the electric carmaker was founded in 2003, were massive by capital market standards, bigger than the initial public offerings of most companies.
By getting Twitter users to green light the move, he has also skirted speculation of cashing out because Tesla’s valuation has become frothy after its shares hit record highs.
