Tesla shares dip in premarket trading after CEO Elon Musk sells more shares

Started by OZER, Dec 14, 2021, 11:44 PM

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Tesla Chief Executive Officer Elon Musk unloaded another batch of shares on Monday, in a rough start to the week for the electric car maker.

Musk exercised options to buy 2.1 million shares TSLA, -0.82% at $6.24 each, then sold 934,091 at prices between $952 to $1,002, for a total of about $906.5 million, according to filings with the Securities and Exchange Commission.

The latest batch brings his total sales to around $11.76 billion since Nov. 8, a day after his Twitter poll voted for him to sell a 10% stake in Tesla. As of Dec. 9, he owned a 17.16% stake in the company, according to FactSet Research.

Shares were down 2% in premarket trading on Tuesday.

Monday saw Tesla shares drop nearly 5%, in step with technology losses and the bigger market amid worries about monetary policy and the omicron variant of COVID 19. The S&P 500 SPX, -0.75% and Dow Jones Industrial Average DJIA, -0.30% posted their biggest one-day drops in nearly 2 weeks.

Tesla shares are up 36% year to date, but have lost 15% in December.

Musk, who is the world's wealthiest person, with a net worth of $254 billion, was picked as Time's 2021 "Person of the Year" on Monday.
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7:45 The Phillips Curve trend line is deeply problematic. Just look at the actual underlying data points: all data points at 2.5% unemployment demonstrate resulting inflation hovering around 1% inflation.

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Theyve been trashing Tesla for years, it reminds me of the reporter Bezos told to invest in Amazon hell be a billionaire and the reporter just trashed on Amazon