Musk is the world's wealthiest person.
FREDERIC J. BROWN is pictured.
Since early November, Musk has sold almost $13 billion worth of shares in the company.
It came as a general sell-off in tech stocks and electric-vehicle makers took place. It fell into a bear market, 20% down from recent highs.
After exercising 2.1 million options, Musk sold 934,091 shares to cover taxes. The sales were part of a plan.
Since asking his followers on social media if he should sell 10% of his stake in the company, the CEO has been selling stock at a rapid rate.
Musk's comments and regulatory filings suggest he was going to exercise the options he was granted in 2012
He told a conference in September that there would be a huge block of options sold in the fourth quarter. He put in place the 10b5-1 plan to start exercising options and sell some to cover taxes, earlier that month.
Musk has been selling some of his personal stock. He has sold almost 12 million shares.
It's not clear what Musk meant by 10% of his holding. He held 170.5 million shares and 73.5 million exercisable options, which made him the beneficial owner of 23% of the company.
Musk has more than 7 million options from his 2012 pay deal. They give him the right to buy shares of the company at a price less than 1% of Monday's closing price.
Over the last few weeks, the stock of the company has fallen so much that it is now in a bear market. The Federal Reserve has suggested it will cut back on its monetary policy sooner than expected.
In early November, the company's closing high was $1,229.91, but it closed Monday at $966.41, a 21% decline.
Ed Moya, senior market analyst at Oanda, told Insider that the initial hold up of the stock was due to Musk's announcement that he was considering selling 10%.
The sell-off ofTesla is intensifying as some investors prefer other electric vehicle plays that have more upside potential.
Time magazine named the boss of both companies its Person of the Year.
He has a net worth of $254 billion, according to the billionaires index. Musk rocketed to the top of the list when investors bet that the electric carmaker would dominate the future of transport.
Musk's share sales have been outlined in a table.
The date.
The shares were acquired.
The shares were sold.
The gross proceeds are.
November 8
2.2 million people.
November 8
934,091
$1.10 billion.
November 9
3.1 million.
$3.05 billion.
November 10.
500,000 people.
$547 million.
November 11
There are over 6 million.
$687.3 million was spent by the government.
November 12
1.2 million people.
A total of $1.24 billion.
November 15
2.1 million people.
November 15
934,091
$970 million.
November 16
2.1 million people.
November 16
934,091
$970 million.
November 23
2.15 million people.
934,091
A billion dollars.
December 2nd
2.1 million people.
934,091
A billion dollars.
December 9
There were 2.17 million.
934,091
$986 million.
December 13
2.13 million people.
934,091
$906 million.
Total.
There were 14.96 million.
There were 11.97 million.
$12.74 billion is the total.
Business Insider has an original article.
