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Elon Musk sells $1.1B in Tesla stock in plan set before Twitter poll
- nabla9 5y agoElon is playing his fans like a fiddle.
- authed 5y agoHe wanted to sell at a good time, and he did.
- hindsightbias 5y ago“The shares of common stock were sold solely to satisfy the reporting person’s tax withholding obligations related to the exercise of stock options,” the filing read.
- potamic 5y ago> Musk then sold more than 3 million shares on Tuesday and about half a million shares on Wednesday in 215 separate transactions that collectively netted $3.88 billion. Unlike the Monday sale, these sales were not part of a pre-planned stock sale, known as a 10b5-1, according to the SEC filings. Is this allowed? I thought major shareholders/executives were required to announce upfront when selling stock? How do we know he's not acting on inside information regarding some bad news?
- nabla9 5y agoIt's possible to sell without announcing, but the sale must be reported (Form 4). It can be determined afterwards if inside information was used.