Business & Investment

Elon Musk Tesla Stock Sales Pass $ 10 Billion

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Tesla Inc by Elon Musk. Equity off-road exceeded $ 10 billion as it sold its stake in an electric vehicle maker for four consecutive weeks.

According to a regulatory filing dated December 2, the world’s wealthiest person has disposed of more than $ 934,000 worth of about $ 1.01 billion in recent transactions. The purpose of the sale was to help Musk offset taxes on the exercise of approximately 2.1 million options.

The latest disposition brings the total number of shares sold to 10.1 million shares (equivalent to about $ 10.9 billion) as Musk asked Twitter users if they would offload 10% of Tesla’s shares on November 6. I did. It is unclear if polls have had any effect on Musk’s plans. A few months ago, the CEO said he was likely to exercise a large block of stock options towards the end of the year and made a trading plan to sell his shares before the tweet.

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To sell 10% of the shares, Musk would have to give up about 17 million shares, or about 1.7% of the company’s outstanding shares. Taking into account his exerciseable options, he needs to reduce the load even more.

According to Bloomberg News calculations, if Musk sells 10% of Tesla’s stake, it could save more than $ 2 billion in taxes as a result of moving from California to Texas last year. Golden State is home to the highest income tax in the country for the wealthy, but Texas does not have a state income tax or capital gains tax on individuals.

Earlier this week, automakers announced that their headquarters had officially moved to a factory under construction in Austin, Texas. Musk announced that the company will relocate its headquarters from California in October.

According to the Bloomberg Billionaires Index, a mask with a fortune of $ 284.1 billion is the wealthiest of anybody in the world. His wealth surged $ 128.1 billion this year as Tesla’s share price soared 54%.

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Elon Musk Tesla Stock Sales Pass $ 10 Billion Elon Musk Tesla Stock Sales Pass $ 10 Billion

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