According to filings with the U.S. Securities and Exchange Commission, board members and an executive at Elon Musk’s firm have been liquidating millions of dollars’ worth of Tesla shares.
As the company’s value has declined in recent weeks. Since early February, the company’s four senior officials had sold off more than $100 million worth of stock.
According to an SEC filing, longstanding Musk buddy James Murdoch, the estranged son of Fox CEO Rupert Murdoch and a board member since 2017, became the most recent to do so last week.
When he sold shares for around $13 million and exercised a stock option. On March 10, when the stock had its biggest one-day drop in five years, the sale was made.
MORE: Critics are furious and some pension fund managers are worried as Tesla’s stock declines One document states that.
The shares were sold “to cover the exercise price relating to the exercise of stock options to purchase 531,787 shares, which are scheduled to expire in 2025.”
