Elon Musk, who tweets as he does often, made headlines this weekend. In one tweet, he suggested selling 10% of his Tesla stock. He said that he would abide by the poll results and had sold 934,091 shares (via CNBC). The shares he sold amount to about $1.1 billion, according to the current company valuation.
Did he vote for one side or the other because someone on Twitter voted? Analyst Matt Levine pointed out that the documents show that the plan for the sale was in place since September 14th.
We told you that Musk received shares in his compensation plan, which was due to expire 2022. He will have to sell $15 billion worth of shares in order to exercise this grant. This was explained in detail by Musk at the Code Conference, September 28th, two week after arranging the sale. Musk stated that he had a number of options that expire in the first quarter of next year. A large block of options will be sold in Q4. They'll either expire or I will.
Musk is entitled to financial penalties and financial benefits. This means Wednesday's sale will not be the last.
