It's been another wild ride for Tesla investors after billionaire chief executive Elon Musk pledged via Twitter to sell 10% of his shares in the company. While the unorthodox way he went about it has raised eyebrows, it's unclear if he or Tesla have broken any rules.
3% of his stock in recent days. A sixth of those shares were sold via a corporate "trading plan" - a legal agreement that allows insiders to trade in the company's shares at a pre-determined date - to satisfy tax obligations. The plan, adopted Sept. 14, pre-dated Musk's poll.
It's common for corporate insiders to pre-plan trades, although they can trade without the plan too. As such, Musk's sales via the plan are not unusual. However, the pre-planned sales raise the question of whether Musk had always intended to sell some stock for tax reasons, but said he was doing so at the behest of his followers.
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