FILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks astatine the SATELLITE Conference and Exhibition successful Washington connected March 9, 2020. After making a committedness connected Twitter, the Tesla CEO has sold astir 900,000 shares of the electrical car maker's stock, netting implicit $1.1 cardinal that volition spell toward paying taxation obligations for banal options. The sales, disclosed successful 2 regulatory filings precocious Wednesday, Nov. 10, 2021, volition screen taxation obligations for banal options granted to Musk successful September. (AP Photo/Susan Walsh, File) (Susan Walsh,Copyright 2020 The Associated Press. All rights reserved.)

DETROIT – After making a committedness connected Twitter, Tesla CEO Elon Musk has sold astir 900,000 shares of the electrical car maker's stock, netting implicit $1.1 cardinal that volition spell toward paying taxation obligations for banal options.

The sales, disclosed successful 2 regulatory filings precocious Wednesday, volition screen taxation obligations for banal options granted to Musk successful September. He exercised options to bargain conscionable implicit 2.1 cardinal shares for $6.24 each. The company's banal closed Wednesday astatine $1,067.95 per share.

The transactions were “automatically effected” arsenic portion of a trading program adopted connected Sept. 14 to merchantability options that expire adjacent year, according to forms filed with the U.S. Securities and Exchange Commission. That was astir 2 months earlier helium floated the thought of the merchantability connected Twitter.

After the transactions, Musk inactive owns astir 170 cardinal Tesla shares.

Last weekend, Musk said helium would merchantability 10% of his holdings successful the company, worthy much than $20 billion, based connected the results of a canvass helium conducted connected Twitter. The merchantability tweets caused a merchantability disconnected of the banal Monday and Tuesday, but it recovered immoderate connected Wednesday.

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Wedbush Analyst Daniel Ives said it appears Musk volition commencement selling shares arsenic the twelvemonth ends.

“The question volition beryllium for investors if helium sells his afloat 10% ownership involvement implicit the coming months oregon is it done piece-by-piece during 2022?” Ives wrote successful a enactment to investors.

Shares successful Tesla Inc. roseate 2.6% to $1,096 successful extended trading Wednesday. The institution is based successful Palo Alto, California, though Musk has announced it volition move its office to Texas.

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.