Elon Musk sells more than $1.1B of Tesla stock in part to satisfy tax obligations related to an exercise of stock options.
Previously, Musk signaled that he was likely to sell “a huge block” of his options in the fourth quarter. At an appearance at thein September, Musk said when his stock options expire at Tesla, his marginal tax rate would be over 50%.
Current and former board members including chairwoman Robyn Denholm, Elon Musk’s brother Kimbal Musk, Ira Ehrenpreis and Antonio Gracias have offloaded hundreds of millions of dollars worth of Tesla shares since Oct. 28 after Tesla’s market cap surpassed $1 trillion.
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