Elon Musk is $50 billion poorer since his Twitter poll sent the Tesla stock spiraling
It’s been a bumpy ride for Tesla lately. Shares fell more than 15% last week in the wake of Elon Musk’s November 6 tweet that he was considering selling 10% of his stake. Tesla closed Monday down another 2%, lopping billions more off Musk’s fortune.estimates—$51.5 billion less than he was worth before his tweet sent the stock spiraling.South China Morning Post via Getty Imagesearly last week, then added another $700 million in sales later in the week.
In all, Musk has sold about 6.3 million shares and exercised another 2.2 million options for pretax proceeds of nearly $7 billion. It’s a new tactic for Musk, who has previously called himself “”—most of his fortune has long been tied up in holdings of Tesla and his rocket company SpaceX rather than in cash or real estate. Before last week, the Texas-based billionaire had unloaded Tesla stock only twice: In 2010, shortly after Tesla went public, he sold roughly 1.
He has good reason to sell some stock: Shares have climbed a staggering 150% over the past year, even after the past week’s slide. Musk has, at times in recent years, suggested that Tesla is overvalued. Plus, a multibillion-dollarthe eccentric billionaire, thanks to a set of stock options set to expire in August 2022. More than $1 billion of the nearly $7 billion Musk got from selling Tesla shares has gone to pay taxes on Musk exercising the first 10% of those options.
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