Elon Musk is selling Tesla stock
The richest individual on the planet and CEO of Tesla, Elon Musk has stated that I’ve to sell about 15 billion worth shares, in order to pay tax this year in 2021. Musk said he’s “Almost done.”
He made confusing statements as he might or might not be done with his goal of selling ten percent Tesla’s stocks.
Earlier this week, Elon Musk stated on conservative satirical website Babylon Bee that “I’ve sold enough stock to get to around ten percent plus the option exercise stuff and I tried to be extremely literal here,”
On the next on he said he might be done, “This assumes completion of the ten billion sale,” and later Musk tweeted, referring to his prearranged sales plan related to his options. “There are still a few tranches left, but almost done,” Elon Musk.
The Tesla filing reported that under the Rule 10b5-1 trading plan established in September, Elon Musk has exercised stock options which is going to expire next year, i.e. 2022, Musk sold a portion of the shares to pay taxes.
Because of a flurry of sales Musk is still holding about one and a half million stock options which will be expired in August 2022. Shares of Tesla Inc rose nearly 5 percent on Thursday, after ending the session 7.5% higher than the previous session.
‘Land of overtaxation’
On sixth November musk asked in a tweeter pool that he would sell 10% of tesla stocks if his followers agreed with his decision. At that time Tesla’s shares were hovering near record high but later lost about 25% of their value.
He has also moved company’s headquarters to Texas from California for “overtaxation” and “overregulation” he told that in on Tuesday.
California was known as the land of opportunity which now becoming the land sort of overregulation, overtaxation, and overlitigation. Musk also said, “increasingly difficult to get things done” in California.”
Last Sunday Musk stated that he’s going to pay 11 billion dollars in tax for 2021. Musk said his personal tax rate tops 50% that includes State and federal income tax. He said he moved to Texas because there he’s not facing state income tax.