Tesla's Musk Unloads $1.01B of Stock and Sales Now Exceed $10B. Tesla's Musk Unloads $1.01B of Stock; Sales Now Exceed $10B

Tesla's Musk Unloads $1.01B of Stock and Sales Now Exceed $10B. Tesla's Musk Unloads $1.01B of Stock ...

According to a Securities and Exchange Commission filing, Elon Musk is dumping Tesla () - shares, unloading 934,000 on Thursday for $1.01 billion.

Since answering his Twitter acolytes on Nov. 6, the Austin electric vehicle makers CEO has parted with more than $10 billion of its stock. He has decided to sell 10% of his Tesla stock. Musk started the selling spree Nov. 8.

As of Thursday, Forbes estimated his net worth at $283 billion.

According to The Wall Street Journal, Musk must likely sell more than 12 million additional shares to break the target based on his total shares before the Twitter poll.

Tesla recently climbed to $1,089, up 0.4 percent, up 8% in the previous month as the sales rose.

TheStreet Recommends

Musk's actions haven't bent out of shape, according to Morningstar's analyst Seth Goldstein.

We do not view management's possible option to sell stock as a reason to alter our Tesla projection," he added on Nov. 15.

We keep our $680 per share fair valuation estimate with our weak moat rating unchanged, as our outlook for the firm is unchanged.

...The market is considering Tesla as overvalued, with the company launching its high-margin autonomous driving software subscription service.... The market is expecting Tesla to become a top-five automaker globally in annual vehicle sales and is proud to offer the high-margin automaker worldwide.

Our basic claim still suggests Tesla is able to become a top-10 automaker in global annual vehicle sales.... We believe Tesla only produces about 5.7 million vehicles by 2030, well below management's target of 20 million.

You may also like: