KEY POINTS –
- Tesla CEO Elon Musk has sold another 934,091 shares of Tesla, which are worth of approximately $906.49 million.
- Musk has exercised options to buy 2.134 million shares of Tesla at the strike price of $6.24 per share granted to him.
- Musk, the wealthiest person in the world still has millions of stock options that he needs to exercise by August 2022.
SpaceX and Tesla’s CEO Elon Musk has sold another 934,091 shares of his electric car company worth approximately $906.49 million, as per financial filings with the Securities and Exchange Commission that has been published late Monday.
Also, he has practised many options to buy 2.13 million shares at the strike price of $6.24 per share that has been granted to him and shares of Tesla closed down 5% at $966.41 on Monday.
The fillings said that Tesla CEO and Centi-billionaire were part of a “Rule 10b5-1” trading plan on Sept. 14. Musk has revealed that he would likely sell a large chunk of stock in the fourth quarter The fillings said that Tesla CEO and Centi-billionaire were part of a “Rule 10b5-1” trading plan on Sept. 14. Musk has revealed that at the 2021 Code Conference in Sept, he would likely sell a large chunk of stock in the fourth quarter.
On Nov. 6, Musk asked his legions of Twitter followers to vote whether he should sell the 10% chunk of his holdings in an electric car and solar business with a poll and wrote “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?” An option was given to the followers where they had to decide “Yes” or “No” vote and said he would bend his directions by the results of his followers. Where 3.5 million responded, with 57.9% of votes responding to “Yes.”
Ron Wyden, D-Ore, Senate Finance Committee Chairman wrote in a tweet, “Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” Also he wrote. “It’s time for the Billionaires Income Tax.”Musk, who is against a billionaire’s tax and President Joe Biden’s Build Back Better spending, replied to Wyden with a crude retort.
Recently, Musk said at the Wall Street Journal’s CEO Council Summit, “If you zeroed out all the billionaires, you still wouldn’t solve the deficit” in the United States. Also, He cursed about the “anti-billionaire” sentiment in the U.S. Musk still is in need to sell about another 5 million shares of Tesla to keep the promise he has made to his Twitter fans, the CEO has sold Tesla shares in batches amounting to about $963.2 million, and $1.01 billion worth of stock, where he brought his total sold in December to more than $2.87 billion so far. He sold a total of $9.85 billion in Tesla stock in November 2021.
Apart from Musk, Tesla execs including CFO Zachary Kirkhorn, Chief Accounting Officer Taneja Vaibhav and Senior Vice President of Powertrain and Energy Engineering Drew Baglino have also sold Tesla shares and exercised options in December.