Thursday, October 6, 2022

Elon Musk Disposes of Another Billion Dollars’ Worth of Tesla Stock

Elon Musk, the world’s richest man, sold another $1.01 billion worth of Tesla stock this week.

Tesla CEO Elon Musk recently indicated on Twitter that he intended to sell 10% of his stake in the company, as part of a long-awaited plan. According to Bloomberg, Musk sold approximately 934,000 shares in this latest offering.

Since asking his Twitter followers if he should sell 10% of his Tesla holdings, he has sold 10.1 million shares, generating the billionaire approximately $10.9 billion in revenue. He will still need to sell additional stocks to reach his target, which should total around $21 billion.

Musk is not the only one making a lot of money this year. His brother Kimball also sold a stake in the company worth approximately $109 million. Other company directors, including Ira Ehrenpreis, Robyn Denholm, and Antonio Gracias, also sold shares in October, totaling hundreds of millions of dollars.

CEOs And Insiders Are Selling An All-Time High Volume Of Stocks

The broader world of billionaires has also begun liquidating their holdings, prompted by rising market prices and impending tax increases. According to CNBC, corporate insiders sold a record $69 billion in stock in 2021, with the top four earners—Elon Musk, Jeff Bezos of Amazon, the Walton family of Walmart, and Mark Zuckerberg of Meta—accounting for 37% of the total.

As the year winds down, billionaires are expected to ramp up their selling. According to the Los Angeles Times, Musk may also be selling shares to pay off personal debts.

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