After promise, Elon Musk sells USD 1.1 billion in Tesla shares to pay taxes

DETROIT: After making a promise on Twitter, Tesla CEO Elon Musk has sold about 900,000 shares of the electric car maker’s stock, netting over $1.1 billion that will go toward paying tax obligations for stock options.

The sales, disclosed in two regulatory filings late Wednesday, November 10, 2021, will cover tax obligations for stock options granted to Musk in September. He exercised options to buy just over 2.1 million shares for $6.24 each. The company’s stock closed Wednesday at $1,067.95 per share.