Elon Musk sells another $1 billion in Tesla shares, nearing 10% target

Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event.

Patrick Pleul | picture alliance | Getty Images

Elon Musk sold another $ 1.02 billion in Tesla Inc. stock, moving closer to his goal of reducing his stake in the electric car maker by 10 percent. US Securities and Exchange Commission. 

Musk has been selling Tesla shares since asking his Twitter followers in November if he should sell some of his stake. Musk said in a tweet last week that he was “almost done” cutting his Tesla stake by 10 percent. The latest sale brings Musk’s total number to about 15.6 million shares, for about $ 16.4 billion. 

You would have to sell around 17 million shares to get rid of 10 percent of your stake, provided your exposure excludes exercisable options.

Tesla gained 2.3 percent in pre-market trading in the United States. The stock has gained 54 percent this year. It’s unclear whether the November poll  had anything to do with Musk’s plans. Options towards the end of the year and drew up a business plan for selling stocks ahead of his tweet. According to the Bloomberg Billionaires Index, Musk has net worth of $ 278.9 billion, up nearly 80% this year.