by The Chicago Times Business Staff
December 14, 2021
AUSTIN, TX — Elon Musk, CEO of SpaceX and Tesla, sold off another 935,000 shares of his electric vehicle firm, valued at around $907 million, according to a SEC filings late Monday.
Musk also exercised options to purchase 2.13 million shares at a strike price of $6.24 a share that he received as part of a 2012 compensation package.
As a result of the share dump, Tesla shares fell 5% on Monday, closing at $966.41.
According to the documents, the newest insider trades by the Tesla CEO and billionaire were part of a “Rule 10b5-1” trading strategy dated Sept. 14. This sort of arrangement permits corporate insiders to conduct trades in their own stock at a predetermined future date.
Musk, the world’s wealthiest person, who was just awarded Time Magazine’s 2021 Person of the Year, still has millions of stock options that he must execute by August 2022. On September 28, he stated at the 2021 Code Conference that he planned to sell a big portion of his stock in the fourth quarter.
Earlier this month, Musk sold Tesla shares in batches totaling around $963.2 million, as well as $1.01 billion in stock, increasing his total sales in December to more than $2.87 billion.
In November, he sold a total of $9.85 billion in Tesla stock.