Nov 11, 2021

Elon Musk: Tesla boss sells $1.1bn of shares in carmaker

Tesla chief executive Elon Musk has sold around $1.1bn of shares in the electric carmaker. The company's shares fell by around 16% in the two days after the poll came out in favour of him selling shares, before regaining some ground on Wednesday. Tesla is the world's most valuable carmaker, with a stock market valuation of more than $1tn.Mr Musk sold more than 930,000 shares in the company, about 0.5% of his stake, according to filings with theUS stock market regulator. Such transactions trigger income taxes, which are typically settled using money raised from immediately selling some of the newly acquired shares. Mr Musk still holds more than 170 million shares in Tesla and has a personal fortune estimated to be more than $280bn.

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