Elon Musk says he is ‘almost done’ to sell Tesla stock | Automotive Business News
“There are still a few stages left, but they are nearing completion,” the Tesla chief tweeted.
Tesla Inc Chief Executive Officer Elon Musk, who has sold more than $ 15bn shares in the company since early November, said Wednesday he was “almost finished” with his sales.
The billionaire also mentioned the inconvenience of having to sell 10 percent of Tesla’s shares.
“I sold enough goods to get about 10 percent plus exercise and I tried to be real here,” he said in an interview Tuesday with the Babylon Bee exhibition page.
But Wednesday he said he probably wouldn’t do it. “This predicts the end of 10b sales,” he wrote in a tweet, referring to his pre-planned marketing plan regarding his options.
“There are still a few stages left, but they are almost over,” he tweeted later.
Under Rule 10b5-1’s trading strategy launched in September, he exploited options that expire next year and sell a share of the stock to pay taxes, according to Tesla notes.
Following a series of trades, Musk still has a 1.5 million vote that expires in August next year.
Tesla shares dividends, rising more than 5 percent on Thursday after finishing 7.5 percent higher than the previous quarter.
‘Land of overtaxation’
Musk announced on November 6 that it would sell 10 percent of its value if Twitter users agreed. Tesla shares, which were very close, lost about a quarter of its value recently.
On Wednesday, Musk sold another 934,091 shares, bringing its total down to 14.77 million – about 90 percent of the 17 million shares or shares expected to sell.
When the 10b pre-planned sale is over. There are several stages left, but they are nearing completion.
– Elon Musk (@elonmusk) December 22, 2021
Asked if he had sold out as a result of a Twitter survey, he said Tuesday he should use the options that expire next year “no matter what”. He also said he sold “extras” to reach 10 percent.
Of the 14.77 million shares sold, 9.34 million were sold to pay taxes based on their choice, according to Tesla records.
Musk, who relocated the company’s headquarters from California to Texas earlier this month, also criticized California for “tax evasion” and “overcrowding” in a Tuesday interview.
“California was a land of opportunity and now it is … becoming a country of tyranny, monetary gain, high taxes,” he said, adding that “it was very difficult for things to happen” in California.
On Sunday, he said he would pay more than $ 11bn in taxes this year. He also said that his taxes are 50 percent higher, which would include federal and state taxes. Musk said last year he moved from California to Texas, where he does not face state tax.
Musk added that “metaverse”, which describes a shared environment, is not coercive, adding that playing video games with glasses can lead to motion sickness. “Sure, you can put a TV in your nose.”
“I think we can’t disappear in this life. This sounds like a buzzword-y.”
