Elon Musk Now Twitter's Biggest Shareholder

Multibillionaire Business Mogul Musk Sells 10% Shares Of Tesla’s Holdings After Twitter Polls

2 years ago
1 min read

 

 

Tesla chief executive Elon Musk late Wednesday night fulfilled his pledge to sell 900,000 shares of his electric car company’s stock for 1.1 billion dollars, about N451,649,000,000.00 (Four Hundred and Fifty One Billion, Six Hundred and Forty Nine Million Naira) to abide by a Twitter poll he conducted last week.

 

 

 

Mr Musk had called on his followers to vote on whether he should sell 10% of his holdings in the company, and consequently a total of 57.9% of the 3.5 million votes were cast supporting a sale.

 

The sales, disclosed in two regulatory filings late on Wednesday according to several English media outlets report, will cover tax obligations for stock options granted to Mr Musk in September.

 

He exercised options to buy just over 2.1 million shares for 6.24 dollars (£4.66) each. The company’s stock closed on Wednesday at 1,067.95 dollars (£796.72) per share.

 

 

 

The transactions were “automatically effected” as part of a trading plan adopted on September 14 to sell options that expire next year, according to forms filed with the US Securities and Exchange Commission.

 

 

 

That was nearly two months before he floated the idea of the sale on his Twitter page.

 

After the transactions, Mr Musk still owns about 170 million Tesla shares.

 

 

 

A tenth of Mr Musk’s Tesla holding is worth around 20 billion dollars (£14.92 billion) and the poll on Twitter caused a sell off of the stock on Monday and Tuesday, but it recovered some on Wednesday.

 

 

 

Wedbush Analyst Daniel Ives said it appears Mr Musk will start selling shares as the year ends.

 

 

 

“The question will be for investors if he sells his full 10% ownership stake over the coming months or is it done piece-by-piece during 2022?,” he said.

Izuchukwu Okosi is a Nigerian sports and entertainment journalist with two decades of experience in the media industry having begun his media journey in 2002 as an intern at Mundial Sports International (MSI) and Africa Independent Television (AIT), owners of Daar Communications Plc.

In October 2004, Okosi joined Complete Communications Limited, publishers of Complete Sports newspaper and Complete Football magazine as a reporter and later script writer for the Complete Sports studio.

He worked there for 13 years until October 2017.

Okosi also worked various times as Correspondent, Content creator and Editor at Sports Market International Magazine, Opera News, All Nigeria Soccer Media and Iconic Media Watch.

He also undertook freelance writing gigs for some local and international organizations.

Okosi is a member of the Actors Guild of Nigeria (AGN), Association of Movie Producers (AMP), Association of Voiceover Artistes of Nigeria (AVOA), Sports Writers Association of Nigeria (SWAN) and Nigeria Union of Journalists (NUJ).

He has been part of cast in some Nollywood movies and radio dramas including Blood Money 2, Scores To Settle, Dead End 2, Another Campus Tale and Battle Line.

Aside mainstream media and the entertainment industry, he has interests in scouting/unearthing of talents in the sports and creative sectors, exports business and property development.

Izuchukwu Okosi is a Nigerian sports and entertainment journalist with two decades of experience in the media industry having begun his media journey in 2002 as an intern at Mundial Sports International (MSI) and Africa Independent Television (AIT), owners of Daar Communications Plc.

In October 2004, Okosi joined Complete Communications Limited, publishers of Complete Sports newspaper and Complete Football magazine as a reporter and later script writer for the Complete Sports studio.

He worked there for 13 years until October 2017.

Okosi also worked various times as Correspondent, Content creator and Editor at Sports Market International Magazine, Opera News, All Nigeria Soccer Media and Iconic Media Watch.

He also undertook freelance writing gigs for some local and international organizations.

Okosi is a member of the Actors Guild of Nigeria (AGN), Association of Movie Producers (AMP), Association of Voiceover Artistes of Nigeria (AVOA), Sports Writers Association of Nigeria (SWAN) and Nigeria Union of Journalists (NUJ).

He has been part of cast in some Nollywood movies and radio dramas including Blood Money 2, Scores To Settle, Dead End 2, Another Campus Tale and Battle Line.

Aside mainstream media and the entertainment industry, he has interests in scouting/unearthing of talents in the sports and creative sectors, exports business and property development.


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