Elon Musk likely to continue holiday from Tesla shares sale

Musk proceeds with plan to sell 9m shares that will net $330m – slightly higher than last week’s $330m as prices remain steady Elon Musk is likely to have a well-earned rest this week…

Elon Musk likely to continue holiday from Tesla shares sale

Musk proceeds with plan to sell 9m shares that will net $330m – slightly higher than last week’s $330m as prices remain steady

Elon Musk is likely to have a well-earned rest this week as the Tesla chief’s latest attempt to sell shares reaches its second week.

A short time after Musk tweeted on Monday morning that he would be selling another 9m shares, Tesla rose by 8% on Wednesday as it continued to fluctuate between positive and negative territory.

Musk has announced plans to sell the shares, which will net him around $330m, for the second time in the past week. The sale would take his total stake in the company to almost 21%.

The sale comes amid a crisis surrounding his earlier announcement that he was considering taking Tesla private. The chairman of the electric car manufacturer later backed away from that idea on Thursday, saying he had been “discouraged” by the markets and had not made a final decision on whether to pursue such a move.

Musk faces legal scrutiny over previous shares sales to prevent a conflict of interest. He previously pledged around 7.5m Tesla shares to funds he set up to buy them as part of a conflict resolution agreement with the Securities and Exchange Commission in August.

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