Elon Musk sold $ 1.1 billion worth of shares

After the survey, it’s time for financial arbitrage. Tesla founder and chief executive Elon Musk on Monday sold about $ 1.1 billion in shares of the electric vehicle maker, after announcing over the weekend that he was planning to part with 10% of its shares. securities.

According to documents filed Wednesday with the US market regulator, the SEC, the richest man in the world sold about 930,000 shares on Monday alone. On Saturday, the 50-year-old carried out a poll from his Twitter account to find out whether or not he should part with 10% of his Tesla shares. Some 57.9% of the 3.5 million voters responded positively. The document reveals, however, that the businessman had started the sale on September 14 and was therefore not determined according to the survey.

The title falls on Wall Street

Monday, at the opening of Wall Street, the title had plummeted, dropping up to 7.2% while the market feared that the hot boss would run and unbalance, on his own, supply and demand of the manufacturer’s actions. The shares sold by Elon Musk were therefore sold at a significantly lower price than if he had sold them before his tweet, the entrepreneur not recovering several tens of millions of dollars in the process.

At the end of the transaction, Elon Musk still held 1.22 million Tesla shares in open access as well as another 170.4 million housed in a trust, with a total value of $ 183 billion at the closing price. Wednesday. On Monday, the founder of Tesla had also exercised 2.15 million stock options, which allowed him to buy as many securities at 6.24 dollars each, or less than 1% of their current value.