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Elon Musk sells another $963.2 million in Tesla shares

Tesla CEO Elon Musk has informed the SEC the sale of a package of 934,091 shares of the manufacturer of electric vehicles worth $963.2 million.

Elon Musk sells another $963.2 million in Tesla shares

Elon Musk sells another $963.2 million in Tesla shares

The South African entrepreneur has also exercised stock options to buy 2.17 million Tesla shares, according to the information submitted.

Musk is under surveillance by the SEC after a new controversy that took place in the middle of last month on his social networks. The tycoon made a survey among his followers on Twitter asking their opinion on the possible sale of 10% of their shares in the company. His goal was to obtain liquidity for his next tax bill. The performance plummeted Tesla’s stock market value.

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In a single week in November, Musk dumped $5.7 billion in shares of the largest carmaker by size on the stock market ($1.01 trillion).

Shares of Tesla plunged 6% Thursday to $1,003 per share. A collapse that does not even overshadow the strong advance that the value accumulates so far this year: in the heat of the ‘rally’ in the technological Nasdaq and in the rest of the large indices of the New York Stock Exchange, the titles of Tesla are they shoot 42.24% since last January.

Tesla recently announced record third-quarter results, the best in its history. Its net profit rose 389% in that period to $1.618 billion, placing the figure for the first nine months of the year at $3.198 biillion.

The brand increased its revenue 57% year-on-year between July and September and this allowed it to achieve an operating profit of $2 billion amid supply problems, especially semiconductors. The manufacturer, which achieved an operating margin of 14.6%, attributed its profit to increased sales and reduced costs.

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