Tesla shares rise after Musk’s $5 billion US stock sale

Source: Canadian Broadcasting Corporation [Canadian state media]

“Tesla shares rose on Thursday after filings revealed chief executive officer Elon Musk had sold about $5 billion US of the stock over the past few days, following his much-hyped Twitter poll. In late-morning trading, the electric-car maker’s shares were up by 0.5 per cent to $1,072.75 US, recouping some of the heavy losses suffered earlier in the week. Musk’s share sale was his first since 2016 and followed his weekend poll of Twitter users about offloading 10 per cent of his Tesla stake, which comprises most of his estimated $281 billion US fortune. … Filings showed Musk’s trust sold nearly 3.6 million shares in Tesla, worth around $4 billion US, while he also sold another 934,000 shares for $1.1 billion US to cover tax obligations after exercising options to acquire nearly 2.2 million shares.” (11/11/21)