Musk Continues Selling Tesla Shares Daily... Keeps 'Cheonseulra'

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Elon Musk, CEO of Tesla, has once again sold a large amount of Tesla stock. Despite Musk's stock sales, Tesla's share price held steady above the $1,000 mark.

According to Tesla's disclosure on the 12th (local time), CEO Musk sold 639,737 shares of Tesla stock on the 11th, totaling $687 million (approximately 810.3 billion KRW) on the market. The selling price ranged from $1,058.03 to $1,104.15 per share.

On the 8th, Musk exercised stock options for 2,154,572 shares and sold 934,000 of those shares for about $1.1 billion. He also sold a total of 3.6 million shares on the 9th and 10th.

The total proceeds from the Tesla shares sold by CEO Musk amount to $5.7 billion (approximately 6.7 trillion KRW).

On the 6th, Musk asked his Twitter followers to decide whether to sell 10% of his Tesla stake through a poll, with 58% of respondents supporting the sale.

Some viewed Musk's poll as a warning about billionaire taxes, but others pointed out that he had no choice but to sell shares to pay taxes due from exercising stock options.

Musk's tweet hints at the possibility of even more shares being released into the market.

Although Tesla's stock price fell 2.3% that day, it maintained the $1,000 level, staying in the "Cheon-sla" range. Tesla's stock price has dropped more than 13% since the beginning of this week. Tesla also maintained its membership in the $1 trillion market capitalization club.

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