Elon Musk says he’s ‘sold enough’ Tesla stock to satisfy his 10% goal

5 months ago 109

Elon Musk said Tuesday he’s met his extremity of selling 10% of his involvement successful Tesla Inc., and criticized California for “overtaxation.”

In a astir hourlong podcast interrogation with the satirical website the Babylon Bee, the Tesla TSLA, +4.29% CEO said: “I sold capable banal to get to astir 10% positive the option-exercise stuff, and I tried to beryllium highly literal here.”

According to a Securities and Exchange Commission filing, Musk exercised 2 cardinal much options and sold astir 584,000 much Tesla shares Tuesday, bringing the full fig of shares sold implicit the past month-plus to astir 13.5 cardinal — somewhat shy of the astir 17 cardinal shares that constituted his 10% involvement arsenic of Nov. 7, erstwhile helium posted a Twitter canvass asking whether helium should sell. He’s made much than $14 cardinal successful those sales. But implicit that clip he’s besides exercised options to bargain astir 16.4 cardinal banal options astatine astir $6.24 a share, really expanding his involvement successful the electric-auto maker.

Musk besides tweeted Sunday nighttime that helium volition wage more than $11 cardinal successful taxes this year. That equates to astir 8.06 cardinal of his precocious sold shares going to his taxation measure connected banal options acceptable to expire adjacent year.

Musk, who has insulted apical Democrats successful caller weeks who person called for him to wage much successful taxes, took a parting changeable astatine California’s precocious taxes.

“California utilized to beryllium the onshore of accidental and present it is… becoming much truthful the onshore of benignant of overregulation, overlitigation, overtaxation,” helium told the Babylon Bee.

This year, Musk moved his residence and Tesla’s firm office from California to Texas, which has importantly little taxes.

Musk is the world’s wealthiest idiosyncratic according to Bloomberg’s Billionaires Index, with a luck of astir $245 cardinal — up astir $89 cardinal this twelvemonth alone.

In Tuesday’s podcast, Musk reiterated that his wealthiness is tied up successful stock. “It’s not similar I’ve got immoderate benignant of monolithic currency balance,” helium said.

Tesla shares gained much than 4% Tuesday and are up 33% twelvemonth to date. The company’s banal has soared much than 1,100% implicit the past 3 years.

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