Billionaire businessman Elon Musk is selling his 10 percent stake in Tesla. Musk makes the sales to pay taxes.
Elon Musk,one of the richest people in the world, continues to sell Tesla shares he holds to pay taxes in the US. On November 23, Tesla sold 934,091 of its shares, according to Musk’s notice to the SEC.
The total amount of this sale was around $1.05 billion. Musk also informed the SEC that he had bought 2.15 million Tesla shares using his options.
When Stock purchase options are used, it occurs that you pay income tax from the difference between the option usage price and the fair market value of the stock.
SOLD TWICE IN NOVEMBER
Musk sold 934,091 shares on November 16 after using 2.1 million shares at a price of $6.24.
On November 8, it sold 934,000 shares for $1.1 billion after using the option to buy 2.2 million shares.
WILL SELL 10 PERCENT
Musk had previously announced the share sale on Twitter. Musk polled on Twitter, offering polls on whether to sell his 10 percent stake in Tesla, nearly 4 million people voted and the decision to sell the shares.