Elon Musk has followed through on his promise and sold a large portion of his Tesla (TSLA) shares.
According to two Form 4 filings with the U.S. Securities and Exchange Commission published this afternoon, Musk sold nearly 1 million shares on Monday, November 8.
Based on the varying prices of each of the 49 transactions reported, Musk netted approximately $1.098 billion, based on an analysis by Drive Tesla.
The filing also reveals Musk exercised an option to purchase 2,154,572 shares at a price of $6.24.
“The shares of common stock were sold solely to satisfy the reporting person’s tax withholding obligations related to the exercise of stock options to purchase 2,154,572 shares.”
These transactions come as expected after Musk asked Twitter on November 6 if he should sell 10% of his TSLA shares.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
— Elon Musk (@elonmusk) November 6, 2021
Given that Musk’s poll said he would sell 10% of his stock, or about $21 billion, we can expect more Form 4 filings in the days to come.
UPDATE: A total of 10 filings have now been posted for transactions on Monday, Tuesday, and Wednesday. In total Musk sold 4,522,138 shares bringing in $4,983,110,786.
Shares of TSLA have risen more than 3% in after-hours trading following the news.