Search
Close this search box.
Search
Close this search box.

Elon Musk Sells Total $6.9 Billion Worth of Tesla Shares

Tesla Founder Elon Musk

Elon Musk, the CEO of Tesla, sold a total of $6.9 billion worth of shares in the electric car company this week, taking advantage of the company’s stratospheric rise to over $1 trillion in value.

According to a U.S. security filing released later in the day, the billionaire sold 1.2 million shares held by his trust for more than $1.2 billion (approximately Rs. 8,922 crores) on Friday, the latest in a flurry of his stock transactions.

Last Saturday, Elon Musk, the world’s richest man and Tesla’s largest shareholder tweeted that he would sell 10% of his stock if followers of the social media site approved the move. At the time of his tweet, 10% equated to around 17 million shares.

This week, he sold 6.36 million shares, or almost 37% of the total of 17 million. To meet his vow to sell 10% of his holdings, he now needs to sell around 10 million additional shares, Reuters reports.

Tesla’s stock fell 2.8 percent to $1,033.42 (approximately Rs.76,800) on Friday, ending an 11-week winning streak. Following a strong run in October, the stock has gained more than 46% this year.

The stock sales were large by capital market standards, topping most firms’ initial public offerings. It was the first time Musk paid out on a stake of that scale since the company was created in 2003.

He has mitigated any criticism of cashing out at a time when Tesla’s valuation has become inflated and shares are at record highs by getting Twitter users to approve the move.

The most valuable automaker in the United States

Tesla shares plunged 15.4% this week, losing $187 billion in market value (approximately Rs. 13,90,492 crore), more than the combined market capitalizations of Ford Motor and General Motors.

Despite its losses this week, Tesla remains the world’s most valuable automaker. The stock’s recent robust increases have highlighted the desire for shares of electric vehicle (EV) manufacturers.

Following Rivian Automotive’s market launch on Wednesday, the two most valuable US automakers are both electric vehicle startups.

Musk tweeted on Thursday, “There have been hundreds of automobile startups, both electric & combustion, but Tesla is (the) only American carmaker to attain high volume production & positive cash flow in the past 100 years,” a veiled dig at the Irvine, California-based competition.

More sales?

Musk previously stated that he will be required to exercise a large number of stock options this year, resulting in significant tax payments. Selling some of his shares may be able to help him pay his taxes.

Musk had a 23 percent ownership in Tesla prior to the transaction, including stock options.
He has options for 20 million more shares that he must execute by August after exercising 2.15 million shares on Monday.

“We expect the share sales to continue,” said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group LLC in New York. “Musk retains millions of options worth billions of dollars that would otherwise expire worthlessly, and he has also prepared share sales under 10b5-1 procedures.”

Apart from this, you can also read EntertainmentTech, and Health-related articles here: Twitch Error 2000, Alyson HanniganBrent Rivera net worthEmma Watson net worth444 angel number666 angel number1616 angel number777 angel number333 angel numberDave Portnoy net worthLionel Messi net worthKeanu Reeves net worthThe Equalizer 3The 100 Season 8Gina Carano net worthBruno Mars net worthKissAnimeJim Carrey net worthPDF DriveYoutbeBailey Sarian Net WorthBollyshareAfdahMoviezwapY8JalshamoviezProject Free TVKissasianMangagoJio RockersM4uHDHip dipsM4ufreeNBAstreams XYZCCleaner Browser reviewAvocado CaloriesBear Grylls net worthHighest Paid CEOThe 100 season 8Sundar Pichai net worthGrimes net worth, and, F95Zone.


Subscribe to Our Newsletter

Related Articles

Top Trending

How Gen Z Is Shaping the Future of Sustainable Brands
How Gen Z Is Driving the Demand for Sustainable Brands
doctor odyssey disney sexual harassment lawsuit
Doctor Odyssey Crew Sues Disney Over On-Set Sexual Harassment
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
Zero-Waste Products
10 Zero-Waste Products You Need in Your Home This Year
Rise of Urban Micro-Fulfillment Centers
The Rise of Urban Micro-Fulfillment Centers: What It Means for E-Commerce

LIFESTYLE

Smart Skincare
What Smart Skincare Looks Like in a World of Overload
Swim Academy in Amman
How to Choose the Right Swim Academy in Amman?
Shopping in Madrid
Shopping in Madrid: From Exclusive Boutiques to Vintage Markets: A Shopping Lover's Guide
how long does dermaplaning last
How Long Does Dermaplaning Last? All About Dermaplaning Duration
Selling Used Designer Handbags
10 Expert Tips for Selling Your Used Designer Handbags for Top Dollar

Entertainment

doctor odyssey disney sexual harassment lawsuit
Doctor Odyssey Crew Sues Disney Over On-Set Sexual Harassment
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
lainey wilson boyfriend
Lainey Wilson’s Boyfriend: Love Story That Will Surprise You
jasmine crockett net worth
Jasmine Crockett Net Worth: Congress Representative Crockett's Impressive $9 Million in 2025
Justin Bieber Reacts Hailey $1 Billion Rhode Deal
Justin Bieber Reacts to Hailey’s $1 Billion Rhode Deal

GAMING

Parental Guide for Kid-Friendly Gaming
Parental Guide to Safe and Age-Appropriate Gaming for Kids
How Video Games Help Reduce Stress
Gaming for Mental Health: How Video Games Help Reduce Stress
unblocked games granny
Play Granny Unblocked: Online Game Fun With Unblocked Games Granny
PC vs Console Gaming
PC vs Console Gaming: Which One Should You Choose?
Guide to Building a Custom Gaming PC
Beginner’s Guide to Building a Custom Gaming PC

BUSINESS

Rise of Urban Micro-Fulfillment Centers
The Rise of Urban Micro-Fulfillment Centers: What It Means for E-Commerce
ftasiastock technology news
Breaking Ftasiastock Technology News: Supply Chain Insights Unveiled
Digital Nomad Taxes
Digital Nomad Taxes Explained: How to Legally Save Thousands in 2025
AI and Drones in Last-Mile Delivery
How AI and Drones Are Revolutionizing Last-Mile Delivery in 2025
Tokenomics
What Is Tokenomics? A Beginner’s Guide to Crypto Economics

TECHNOLOGY

Anthropic Launches Voice Chat for Claude Mobile Users
Anthropic Launches Real-Time Voice Chat for Claude Mobile Users
Instagram Story Viewer Tools
Instagram Story Viewer Tools That Actually Work in 2025
Protect Yourself from Data Breaches
How to Protect Yourself from Data Breaches?
AI Portraits
Retro Royalty: Design AI Portraits of Imaginary Kings and Queens
Protect Teenagers From Online Scams
How to Protect Teenagers From Online Scams?

HEALTH

How Video Games Help Reduce Stress
Gaming for Mental Health: How Video Games Help Reduce Stress
Meaning in the Everyday
Moments that Change: Do We See the Meaning in the Everyday?
Tighten Your Skin After Losing Weight
5 Ways to Tighten Your Skin After Losing Weight
Physician Contract Negotiations
What Are the Common Red Flags in Physician Contract Negotiations?
Who Benefits Most from In-Home Care Services
Who Benefits Most from In-Home Care Services