Tesla’s market value has fallen below $1 trillion since Elon Musk, CEO of the company, sold $906 million more shares.
Tesla stock shares dropped over 3 percent Tuesday following regulatory filings showing that Musk sold an additional 934,091 shares for taxes to be paid on nearly $2B worth of stock options.
Monday’s trade came as part of an already-arranged trading strategy that was in effect since September 14th. However, the sale comes amid wider share sales after Musk announced that he would sell 10 percent of his stake following a Twitter poll.
Now, the richest man on earth is more than halfway through selling 10 percent of his stock holdings. Since last month, he has already sold $12.7 billion in stock.
Tesla’s stock valuation fell below $1 trillion following the sale by CEO Elon Musk of $906 million more shares.
Tesla shares fell more than 23 percent since their peak of early November. They traded around $938 by Tuesday afternoon.
Musk is also SpaceX’s founder and CEO. The rising cost of Tesla has made Musk worth around $300 billion.
Tesla shares fell more than 23 Percent from their peak price of $1,222 early November. They traded at $938 by Tuesday afternoon.
Tesla’s market capitalization stood at $943 billion, having surpassed $1 trillion earlier in the year.
On November 6, Musk posted a Twitter poll asking whether he should sell 10 percent of his stake in the company, which would be worth about $20 billion, and vowed to abide by the results in favor of the sale.
Musk has until August to exercise his options for 23 million shares that were issued in 2012, which was granted by the Securities and Exchange Commission. August also marks the due date for paying taxes related to the grant.
However, many of his stock transactions over the last month don’t seem to have been connected to his tax withholding obligations.
Elon Musk and his son X AE 12 on the stage of TIME Persons of the Year Monday, New York City
Time magazine has named Musk Person of the year by Time magazine Monday. They called him a clown, genius, edgelord visionary and industrialist.
Time highlighted the diversity of Musk’s achievements, starting with SpaceX’s founding in 2002 and ending with the creation SolarCity alternative energy company. This is in addition, of course, Tesla being the most valuable automobile company worldwide.
Magazine emphasizes the fact that an annual acknowledgment does not constitute an award. It is a recognition of the individual who has had the greatest influence on the events in the past year, whether for good or bad.
It was also mentioned that Musk has an impressive following of investors and loyal followers on social media. This is where Musk skewers those in power as well regulators who are trying to control an executive that’s far from the norm.
His 66 million Twitter followers make him outrageously helpful and drive even his investors and followers crazy with his market turmoil.
Although Tesla was only profitable recently, Tesla remains the world’s best-known car brand, crossing at one time this year the $1 trillion threshold in market capitalization.
Detroit’s heavyweights Ford Motors and General Motors have a combined value of less than $200 Billion.
Tesla, the most valued car manufacturer in the world, has crossed the $1 trillion threshold of market capitalization this year.
Musk announced Tuesday that the electric vehiclemaker will begin accepting dogecoin to pay for merchandise. The test result sent the meme-based cryptocurrency over 20% before it reverted some of its gains.
‘Tesla will make some merch buyable with Doge & see how it goes,’ Musk said in a tweet.
Musk didn’t specify which merchandise could be purchased with the dogecoin, although prices range from $50 to $1,900.
Tesla offers apparel, Giga Texas belt buckles and mini-models of its vehicles. They also offer quirky limited-edition products such as the Cyberwhistle’, which is modeled on its long-awaited Cybertruck.
A quad bike called Cyberquad was launched recently by it for kids. It is also modelled after the truck.