Tesla’s CEO Elon Musk on Monday sold $930 million shares to meet tax withholding obligation related to exercise of stock options.
According to Reuters, Musk holds 934,091 shares after exercising options to buy 2.1 million stocks at $6.24 each on Monday. Tesla’s shares on Monday closed at $1,013.39 and tax obligation Musk is required to pay is the difference between exercise price and fair market value of the shares.
Earlier last week Musk sold another 934,000 shares for $1.1 billion, exercising options to buy approximately 2.2 million shares.
According to the regulatory filing, sales of shares related to the two options were set up in September via a trading plan that requires insiders to preplan a transaction on a specific schedule.
Tesla’s filing shows, Musk has another option to buy 22.86 million shares which is set to expire in August next year.