Why Tesla Shares Are Rising Today

Tesla Inc TSLA is trading higher Wednesday after CEO Elon Musk said he has now sold enough stock to satisfy his goal of selling 10% of his Tesla stake.

Tesla shares have fallen nearly 25% since Musk announced plans to sell about 10% of his shares on Nov. 6.

In the end, Musk actually increased his Tesla holdings. He sold another 583,611 shares Tuesday, according to an SEC filing, bringing the total amount of shares sold to about 13.5 million shares. However, he has also now exercised options to buy an additional 16.4 million shares for $6.24 per share.

According to reports, Musk has made about $14 billion as a result of the stock sales. However, the Tesla CEO has made it clear that he will pay more than $11 billion in taxes this year.

Musk took to Twitter Sunday to share his tax bill estimate.

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021

See Also: Why Elon Musk Doesn't 'Buy Into' The Metaverse Or Web 3

TSLA Price Action: Tesla has traded as high as $1,243.49 and as low as $539.49 over a 52-week period.

The stock was up 3.57% at $972.39 at time of publication.

Photo: courtesy of Tesla.