• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Why Oil May Regain Upward Momentum

Why Oil May Regain Upward Momentum

Experts have predicted that positive…

Musk Sold Another $1 Billion Worth Of Tesla Shares

Elon Musk’s latest round of Tesla stock sale has brought total sales over the past four weeks to 10 million shares worth around $10.9 billion, as the EV manufacturer’s CEO is looking to offset taxes on the exercising of options to buy 2.1 million shares.

Just this week, Musk sold another 934,000 shares in Tesla worth about $1.01 billion, according to regulatory filings cited by Bloomberg. This brought the total number of shares disposed since early November at 10 million.

In early November, Musk said he would sell 10 percent of his stake in Tesla if his Twitter followers approved such a sale.

Tesla’s chief executive took to Twitter to poll his followers about whether he should sell 10 percent of his Tesla stock. The poll said yes.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk tweeted on November 6.

According to the poll results, 57.9 percent were in favor of this move, with 42.1 percent against it. Ten percent of Tesla stock would be worth some $21 billion.

Musk would need to sell another at least 7 million shares, on top of the 10 million Tesla shares he has already sold, to reach that 10 percent.

According to estimates made by Bloomberg News, if Tesla’s chief executive does sell 10 percent of his shares in the company, he could reduce his tax bill by more than $2 billion after he moved to Texas from California. Texas does not have state income tax or a capital gains tax on individuals, unlike California, which taxes its rich people with the highest income taxes in the U.S.

ADVERTISEMENT

Since Musk first said he would sell 10 percent of his holding in Tesla in early November, Tesla’s stock has dropped by 10 percent—from $1,222 on the day before the Twitter poll to $1,084 at close on Thursday, December 2.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on December 03 2021 said:
    Not really running Tesla very well of late so that certainly explains the selling to me as well. Could start seeing some "jingle mail" show up as everyone starts defaulting on everything but in particular overpriced underwhelming Tesla vehicles at the moment along with an awesome amount of overpriced "other tech."

    Giga-Austin has been Months behind schedule now.

    Natural gas absolutely annihilated this week.
  • DoRight Deikins on December 03 2021 said:
    Can you say, "Howdy", Elon? "Howdy back atcha!"

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News