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Musk sells Tesla stock for another $1 billion

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Source: Economic Information Daily

Original title: Musk sold another $1 billionTeslastock

According to the US Consumer News and Business Channel (CNBC) report, financial documents released this week show that Elon Musk, the chief executive officer (CEO) of American electric car manufacturer Tesla, sold a value of 10.5 on the evening of the 23rd local time. Billion-dollar Tesla stock.

CNBC reported that Musk sold a total of US$9.85 billion worth of Tesla stock this month, including US$6.9 billion of shares sold on the 10th and US$1.9 billion of shares sold on the 15th and 16th.

It is reported that the number of Tesla shares sold by Musk this month does not account for a large proportion of his total holdings. After the sale, Tesla and its trust fund still hold approximately 169 million shares of Tesla.

Tesla is currently the world’s most valuable automaker with a market valuation of more than $1 trillion. After Musk sold the shares, Tesla shares fell by about 15%.

Some analysts pointed out that the purpose of Musk’s sale of these shares is to satisfy the tax obligations related to the exercise of stock options. The exercise of stock options incurs income tax, which can generally be paid by immediately selling a portion of the newly purchased stock. It is reported that Musk also sold shares when he exercised stock options in 2016 to pay nearly $600 million in income tax.

Musk has previously stated that the only way to pay taxes without taking cash is to sell stocks. According to “Forbes” magazine, Musk’s Tesla shares account for a large part of his $281.6 billion personal wealth.

See also  Tesla's revenue in China in the second quarter increased by 104.2% year-on-year to US$2.859 billion

Earlier, the U.S. Democratic Party proposed the so-called “billionaire income tax,” which required a tax on the “unrealized gains” of the rich, even if they did not sell any stocks.

Musk was atTwitterInitiate a vote on. Musk said: “Recently, many people think that unrealized gains are a means of tax avoidance, so I propose to sell 10% of Tesla’s shares.” 58% of people voted for it. Musk said that he will fulfill his promise in accordance with the voting results. However, the documents show that some of Musk’s stock sale plan has been implemented in September.


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