Jump to content

Tesla CEO Musk says he is 'almost done' with stock sales; shares rally


MongiIG

Recommended Posts

Reuters.pngStock MarketsDec 23, 2021

image.png

By Hyunjoo Jin

SAN FRANCISCO (Reuters) -Tesla Inc Chief Executive Elon Musk said on Wednesday he was "almost done" with his stock sales after selling over $15 billion worth for more than one month.

The billionaire had made confusing statements as to whether he might or might not be done with his stated goal https://www.reuters.com/business/tesla-shares-fall-after-musks-twitter-poll-backs-stake-sale-2021-11-08 of selling 10% of his Tesla shares.

"I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here," he said in an interview https://www.youtube.com/watch?v=jvGnw1sHh9M on Tuesday with conservative satirical website Babylon Bee.

But on Wednesday he suggested he might not be done. "This assumes completion of the 10b sale," he tweeted, referring to his prearranged sales plan related to his options.

"There are still a few tranches left, but almost done," he tweeted later.

Under the Rule 10b5-1 trading plan set up in September, he has exercised stock options that expire next year and sold a portion of the stocks to pay taxes, according to Tesla filings.

Following a flurry of sales, Musk still has about 1.5 million stock options that expire in August next year.

Tesla shares ended 7.5% higher at $1,008.87, valuing the company at just over $1 trillion.

 

For more on this story: investing.com

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,986
    • Total Posts
      95,309
    • Total Members
      43,594
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    pb8080
    Joined 22/09/23 16:31
  • Posts

    • Bitcoin and other major crypto experienced a dip in value on Thursday, erasing gains made earlier in the week. The decline came after the Federal Reserve signaled that interest rates would remain high for an extended period, with Bitcoin retreating 2.3% to $26.5K. Despite the bearish pressure,  the founder and CEO of Bitcoin joint mining company Xive,  Didar stated that the stagnant rate increase is positive for Bitcoin. He suggested that this could reduce the attractiveness of mainstream financial assets to institutional investors in the long term, potentially driving a new rally in Bitcoin's price. Major altcoins and exchange tokens also struggled on Thursday, with ETH changing hands at $1,585, down about 2.6% from Wednesday. Other altcoins such as BNB and BGB also experienced losses. Despite these challenges, some analysts believe that Bitcoin is likely to remain within its recent range between $25,000 and $30,000. Riyad from digital asset data platform Kaiko, noted that the market needs a catalyst to mount any serious rally.  What are your thoughts? 
    • Traditional banking systems served as the gatekeepers of financial services for long, dictating how people access loans, save, and invest in opportunities. Typically controlled by a centralized system with a single authority such as a bank or government in total charge, this centralization is limited by high fees, restricted accessibility and slow transaction speed. Dentralized finance, DeFi, got introduced as a blockchain-based financial system that removes intermediaries or central authorities, and utilizes smart contracts instead. By eliminating intermediaries, DeFi delivers core benefits like improved accessibility into the financial system for everyone having internet connection regardless of their location. DeFi is also valued for its transparency. While traditional banking system often deny customers audits on how their assets are being managed, DeFi, through the help of blockchain allows anyone access to tracking and auditing transactions, thereby raising trust. Furthermore, DeFi also offers various financial services and products like DEX, lending and borrowing, stablecoins etc, all known to proffer varied innovative solutions, while operating 24/7 in contrast to traditional finance. DeFi isn’t flawless as issues like insecurity, lack of consumer protection etc are still prevalent; however, the growth of DeFi has been impressive; since its introduction, the total value locked in DeFi protocols has grown significantly indicating that the demand for DeFi services is fast growing. DeFi seems to be redefining financial industry by offering an alternative to traditional banking systems. With the increasing adoption, can we expect to see an overhaul in the way we access financial services?        
    • Leverage is good but please use it according to your risk management system coz the higher the leverage the higher the risk, I trade my perpetual futures on Bitget tho, the exchange offers high leverage but I only use according to my risk management system.
×
×
  • Create New...
us