Elon Musk committed to offloading Tesla shares weeks before Twitter poll

Trading plan adopted 14 September

James Baxter-Derrington
clock • 1 min read
The CEO had already set in motion a plan to sell more than $1bn of stock

The CEO had already set in motion a plan to sell more than $1bn of stock

Tesla CEO Elon Musk had already set in motion a plan to sell more than $1bn of shares in the company weeks before he launched a Twitter poll, asking if he should offload stock.

According to an SEC filing from 14 September, Musk committed to selling at least $1.1bn of shares, 54 days before he launched his Twitter poll in which he asked the internet whether he should sell 10% of his stock. As a result of this filing, known as a 10b5-1 plan often used to avoid suspicion of insider trading, he sold the shares on 8 November. JP Morgan American trust ditches stocks on ESG concerns The shares were originally acquired by Musk on 13 August 2012 as part of an options scheme, meaning he was able to purchase the stock for a price of $6.24, before offloading it at th...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on US

Amazon shares are down 40% from its peak

Growth stock pickers feel like 'a kid in a candy shop'

'It is time to go shopping'

clock 22 June 2022 • 4 min read
Markets are generally positive in months with rate rises

Rate hikes could have 'benign' impact on equities

Follows Fed 75bps hike

clock 20 June 2022 • 1 min read
Sectors in the US stock market that have been leaders over the last decade have come to a sudden stop in terms of their outperformance of the broader market since the start of 2022.

Deep Dive: A paradigm shift for US equities

'Valuations matter'

clock 15 June 2022 • 5 min read