Elon Musk sells $5 bln in Tesla shares after Twitter poll
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Tuesday
February 07, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
TUESDAY, FEBRUARY 07, 2023
Elon Musk sells $5 bln in Tesla shares after Twitter poll

World+Biz

Reuters
11 November, 2021, 08:50 am
Last modified: 11 November, 2021, 01:15 pm

Related News

  • Revenue experts optimistic about 9.5% tax-GDP target by 2026
  • Tesla's Elon Musk found not liable in trial over 2018 'funding secured' tweets
  • Tax-GDP ratio to increase with duty exemption cutbacks: NBR official
  • Adani's $2.5 bln share offer backed by investors, despite short-seller attack
  • Stop gas wastage, reduce VAT-tax for entrepreneurs

Elon Musk sells $5 bln in Tesla shares after Twitter poll

The electric car maker's stock rose 2% after the bell on the news, helping to offset a multiday sell-off that had endangered the company's position in the $1 trillion club

Reuters
11 November, 2021, 08:50 am
Last modified: 11 November, 2021, 01:15 pm
Elon Musk also criticized the way most companies are run. He also took a swipe at the business school graduates complaining that too many MBAs were running companies Photo: Collected
Elon Musk also criticized the way most companies are run. He also took a swipe at the business school graduates complaining that too many MBAs were running companies Photo: Collected

Tesla Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake.

In his first share sale since 2016, Musk's trust sold nearly 3.6 million shares in Tesla, worth around $4 billion, while he also sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares.

The 4.5 million shares equate to about 3% of his total holdings in the electric vehicle manufacturer, which makes up the vast part of his estimated $281.6 billion fortune, according to Forbes.

Musk on Saturday polled Twitter users about selling 10% of his stake, helping to push down Tesla's share price after a majority on Twitter said they agreed with the sale.

The stock sank 12% on Tuesday in a multi-day selloff that endangered the company's position in the $1 trillion club, but recovered 4.3% on Wednesday.

The options-related sales were set up in September through a trading plan that allows corporate insiders to establish preplanned transactions on a schedule, the filing said. The sales of the option-related shares paid for associated taxes. It was not clear how or whether the trading plan related to Musk's Twitter poll. Tesla did not respond to a request for comment.

The additional share sales were separate and provide Musk with sizeable reserves of cash, given his wealth is largely tied to his stakes in Tesla and SpaceX.

Musk has more than 20 million further stock options that are due to expire in August of next year.

If Musk carried out the 10% stock sale plan, it would be a slight negative near term, said Mark Arnold, chief investment officer at Hyperion Asset Management in Brisbane where Tesla is the top holding in its global fund.

"But the stock is pretty liquid and its not a huge percentage of total issued shares, so it shouldn't have that much of an impact ... we're quite comfortable with the outlook for the business," he said.

While Tesla has lost close to $150 billion in market value this week, retail investors have been net buyers of the stock. Some 58% of Tesla trade orders on Fidelity's brokerage website on Wednesday were for purchases, rather than sales.

Retail investors made net purchases of $157 million on Monday and Tuesday, according to Vanda Research.

Tesla is now up more than 51% in 2021, thanks largely to an October rally that was fueled by an agreement to sell 100,000 vehicles to rental car company Hertz.

"The company itself is on fire, with strong results," said Tim Ghriskey, a senior portfolio strategist at New York-based investment management firm Ingalls and Snyder.

Bullish sentiment returned to Tesla's options on Wednesday, with about 1.1 calls traded for every put. Calls are typically used for bullish trades, while buying puts shows a bearish bias.

The company's options accounted for about $109 billion in premium changing hands over the last two weeks, or about one in every three dollars traded in the US-listed options market, according to a Reuters analysis of Trade Alert data.

Top News

Elon Musk / Tesla / Share / tax

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A general view shows damaged and collapsed buildings after an earthquake in Kahramanmaras, Turkey February 6, 2023. Ihlas News Agency (IHA) via REUTERS
    Deaths exceed 3,700 as catastrophic quakes ravage Turkey, Syria
  • 30% cos see double-digit growth even in hard times
    30% cos see double-digit growth even in hard times
  • Govt borrowing from commercial banks surges
    Govt borrowing from commercial banks surges

MOST VIEWED

  • A general view shows damaged and collapsed buildings after an earthquake in Kahramanmaras, Turkey February 6, 2023. Ihlas News Agency (IHA) via REUTERS
    Deaths exceed 3,700 as catastrophic quakes ravage Turkey, Syria
  • A black smoke from a fire is seen at the Iskenderun port after an earthquake in Iskenderun, Turkey February 6, 2023. REUTERS/Ece Toksabay
    Large fire, plume of smoke at Turkey's Iskenderun port
  • A civil defence vehicle is seen near rubble, following an earthquake, in Aleppo, Syria, in this handout released by SANA on February 6, 2023. SANA/Handout via REUTERS
    Russia says 300 army personnel clearing debris in Syria
  • People wait their turn to get fuel at a petrol station, in Karachi, Pakistan June 2, 2022. Picture taken June 2, 2022. REUTERS/Akhtar Soomro/File Photo
    Pakistan, IMF grapple for consensus to unlock critical funding
  • File photo. Somalia soldiers and policemen look on as Hassan Hanafi, a former media officer for the Somali Islamist group al Shabaab, stands tied to a pole before his execution by shooting at close range on a field in General Kahiye Police Academy in Somalia's capital Mogadishu, on April 11, 2016. REUTERS/Ismail Taxta
    At least 34 killed in clashes in Somaliland - two doctors at public hospital
  • Syria hospital treating earthquake victims pleads for help
    Syria hospital treating earthquake victims pleads for help

Related News

  • Revenue experts optimistic about 9.5% tax-GDP target by 2026
  • Tesla's Elon Musk found not liable in trial over 2018 'funding secured' tweets
  • Tax-GDP ratio to increase with duty exemption cutbacks: NBR official
  • Adani's $2.5 bln share offer backed by investors, despite short-seller attack
  • Stop gas wastage, reduce VAT-tax for entrepreneurs

Features

Photo: Collected

Get your partner a lovely present this Valentine's Day

22h | Brands
Pottery Wheel Craft Kit: A creative outlet for little hands

Pottery Wheel Craft Kit: A creative outlet for little hands

21h | Brands
Say it with Colours

Say it with Colours

1d | Mode
Photo: Courtesy

From 'Made in Bangladesh' to 'Designed in Bangladesh'

1d | Panorama

More Videos from TBS

Who will survive? Adani or Hindenburg?

Who will survive? Adani or Hindenburg?

13h | TBS Stories
James Gunn’s 8-10-year plan for the DC Universe

James Gunn’s 8-10-year plan for the DC Universe

13h | TBS Entertainment
LC issues lead to severe shortage of surgical equipment

LC issues lead to severe shortage of surgical equipment

16h | TBS Insight
Stage plays are going on in the digital age

Stage plays are going on in the digital age

21h | TBS Stories

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

3
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

4
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

5
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

6
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]