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Musk sells another 800 billion won of Tesla stock 6.7 trillion won over four days (total)

Selling for four days in a row after tweeting ‘Should I sell 10%?’ Criticism in the prospect of further sale

Elon Musk, Tesla CEO

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(New York = Yonhap News) Correspondent Kang Geon-taek = CEO Elon Musk of Tesla, an American electric vehicle company, once again sold a large amount of Tesla stock.

The Wall Street Journal (WSJ) reported on the 12th (local time) that Musk sold 639,737 Tesla shares for a total of $687 million (about 810.3 billion won), citing published data on the 12th (local time). did.

The selling price ranges from $158.03 to $1,104.15 per share.

As a result, CEO Musk carried out the sale for the fourth day in a row after posting a sudden tweet to his Twitter followers on the 6th of the weekend, asking them to decide whether to sell their 10% stake in Tesla. At that time, 58% of respondents in the survey were in favor of the sale.

After exercising stock options (stock options) of 2154,572 shares of Tesla on the 8th, he sold 934,000 shares for about $1.1 billion, and sold a total of 3.6 million shares on the 9th and 10th.

Over the four days this week, Musk’s Tesla stock has sold more than $5.7 billion in total.

Musk took the form of following the results of a Twitter survey, citing that the “billionaire attitude”, which imposes a tax on assets such as stocks and bonds of the “ultra-rich” (the top wealthy), is also under discussion in the US Congress, but this time Some of the stock had already been decided to sell from September, Bloomberg News pointed out.

CEO Musk taking a commemorative photo when Tesla was listed on the NASDAQ in June 2010
CEO Musk taking a commemorative photo when Tesla was listed on the NASDAQ in June 2010

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Musk owns millions of stock options that must be executed before the expiration of August next year.

In September, he predicted the possibility of selling “very large” of these options before the end of the year.

Still, it is controversial that Musk, in a tweet poll, pretended that his decision to sell was solely due to a billionaire attitude, Bloomberg reported.

Tesla stock, which had been soaring above $1 trillion in market capitalization after Musk’s sudden mass sale, has fallen more than 13% this week.

Tesla’s market cap fell by $157 billion this week, according to Reuters, the weekly decline was more than that of General Motors (GM) and Ford combined.

Despite the sale for the fourth day in a row, Musk currently owns more than 167 million shares of Tesla stock.

Therefore, we expect to sell more shares to meet the 10% threshold as predicted in the tweet.

As a result, if the stock price fluctuates further, the dissatisfaction of shareholders will inevitably increase.

“Tesla investors are weary of the roller-coaster movement,” Fiona Cinkota, chief market analyst at CitiIndex, told Reuters, while Gary Black, a partner at the investment advisory firm Future Fund, who has been an advocate for Tesla, also criticized Musk.

firstcircle@yna.co.kr