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Elon Musk sells $1.02 billion worth of Tesla Inc shares

The billionaire sold 934,090 shares on Tuesday to pay for taxes on the exercise of his stock options.

December 29, 2021 / 09:02 AM IST
Tesla Inc founder Elon Musk has sold more shares worth $1.02 billion shares of the US electric vehicle maker taking him closer to his target of reducing his stake by 10 percent in the firm, Bloomberg has reported citing a filing with the US Securities & Exchange Commission.

The billionaire sold 934,090 shares on Tuesday to pay for taxes on the exercise of his stock options.

Musk has been on a share-offloading spree since November.

Notably, the move is aimed to generate cash in a bid to pay tax bills on stock options that he is due to undertake.

Musk had tweeted earlier this month that he will pay more than $11 billion in taxes after many senior lawmakers like Senator Elizabeth Warren called him a freeloader, alleging that billionaires like him are avoiding tax payments.

Adding that everything he does is extremely transparent and that he can finish completing his taxes himself in just a few hours, Musk said “I don’t have any offshore accounts and tax shelters".

As per a Reuters report, Musk has sold $16.4 billion worth of shares since early November when the world's richest person polled Twitter users about offloading 10 percent of his stake in the electric-car maker.

Close

DATE
SHARES ACQUIRED
SHARES SOLD
GROSS PROCEEDS
November 8
2.2 mln
November 8
934,091
$1.10 bln
November 9
3.1 mln
$3.35 bln
November 10
500,000
$527.3 mln
November 11
639,737
$687.3 mln
November 12
1.2 mln
$1.24 bln
November 15
2.1 mln
November 15
934,091
$930.7 mln
November 16
2.1 mln
November 16
934,091
$973.4 mln
November 23
2.2 mln
934,091
$1.05 bln
December 2
2.1 mln
934,091
$1.01 bln
December 9
2.2 mln
934,091
$963.2 mln
December 13
2.1 mln
934,091
$906.5 mln
December 16
2.2 mln
934,091
$884.1 mln
December 21
2.09 mln
934,091
$853.7 mln
December 22
2.11 mln
934,091
$928.6 mln
December 28
1.6 Mln
934,090
$1.02 bln
Total
22.9 mln
15.7 mln
$16.4 bln

 

 

 
Moneycontrol News
first published: Dec 29, 2021 09:02 am
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