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    Elon Musk sells 7.92 million Tesla shares worth $6.9 billion: SEC filing

    Elon Musk sells 7.92 million Tesla shares worth $6.9 billion: SEC filing

    Elon Musk sells 7.92 million Tesla shares worth $6.9 billion: SEC filing
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    By Reuters  IST (Published)

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    Tesla Inc Chief Executive Officer Elon Musk has sold 7.92 million shares of the electric vehicle maker worth $6.9 billion, six U.S. securities filings showed on Tuesday.

    Tesla Inc Chief Executive Officer Elon Musk has sold 7.92 million shares of the electric vehicle maker worth $6.9 billion, six U.S. securities filings showed on Tuesday.
    Earlier on Friday Tesla said trading in its three-for-one split shares will start on Aug. 25, after the electric vehicle maker's shareholders approved the proposal during its annual meeting.
    Shareholders of the EV maker voted for board recommendations on most issues at the company's annual meeting on Thursday, including re-electing directors, approving a stock split, while rejecting proposals focused on environment and governance.
    Each stockholder of record on Aug. 17 will get a dividend of two additional shares for each share held, to be distributed after close of trading on Aug. 24, the company said.
    The new share split comes two years after a five-for-one split helped bring down the price of the high-flying stock within the reach of ordinary investors.
    While a split does not affect a company's fundamentals, it could buoy the share price by making it easier for a wider range of investors to own the stock.
    Tesla shares, which debuted at $17 apiece in 2010, rose to more than $1,200 late year after the 2020 stock split, taking the company's market capitalization above $1 trillion.
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