CEO Elon Musk Sells Additional Tesla Shares – Report
This article was originally published on TipRanks.com
Continuing with the disposal of his shares in the company, Tesla (NASDAQ: TSLA) CEO Elon Musk has sold 934,091 more shares worth over $884 million, as reported by Bloomberg, citing regulatory filings. The world’s richest person sold the shares to meet his tax obligations on the exercise of 2.2 million options.Following the news, shares of the electric car maker had declined 1.5% in the pre-market trading session at the time of writing.
Total Share Sale
The selling spree by Musk started after a Twitter (NYSE: TWTR) poll on November 6, when Musk asked his followers whether he should sell Tesla shares to pay taxes.
So far, Musk has sold about 12.9 million shares valued at $13.6 billion and takes him to about three-quarters of the way to selling 10% of his Tesla stake.
Recently, Daiwa analyst Jairam Nathan maintained a Hold rating on Tesla and lifted the price target to $1,050 (13.28% upside potential) from $860.
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 13 Buys, 7 Holds, and 6 Sells. The average Tesla price target of $985.64 implies 6.33% upside potential. Shares have gained 41.3% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance. According to the tool, the Tesla website recorded a 1.2% increase in global visits in November compared to the same period last year. In contrast, a quarter-to-date comparison showed a decline of 6.43% compared to Q4 2020, while year-to-date website traffic growth stands at 1.67%.
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