The CEO of Tesla and SpaceX has sold 934,090 new shares, or $1.02 billion, of his stake in the solar and electric car maker, according to a financial report released yesterday.
The report added that Musk had also installed stock options to buy about 1.6 million shares of Tesla stock at a shocking $6.24 per share, when those shares were awarded to him via a compensation package in 2012, and after his stock options are confirmed this quarter, Musk’s ownership in Tesla will increase from 170.5 million shares to more than 177 million shares.
The famous billionaire has been selling heavily since November 8, in part because of his need to pay taxes on stock options and his response – as he claims – to the poll he posted on Twitter to his followers. Read more [Musk Sold “Enough Shares” of Tesla and Criticized California] And [Tesla Shares Fall After Musk’s Follower Poll].
Tesla shares have soared more than 54% this year, making Musk the richest man in the world, and his fortune is currently more than $275 billion. Read more [Elon Musk became the richest man after overtaking Jeff Bezos].
This wealth comes from Musk’s ownership of stakes in Tesla and SpaceX, as he does not receive a salary or financial rewards and did not even sell a large number of his Tesla shares until this year, but instead, takes out huge loans in exchange for a portion of his Tesla shares.
Since income or shares are taxed when sold, Musk has not previously paid any major taxes annually related to his vast fortune, but he is poised to pay the largest tax bill in US history this year. Read More [Elon Musk Will Pay More Than 11 Billion Dollars In Taxes].