December 3, 2021
Tesla's Musk sells $930 mln in shares to cover stock option tax - filings

Tesla’s Musk sells $930 mln in shares to cover stock option tax – filings

Tesla CEO Elon Musk has bought $930 million in shares to meet tax withholding obligations associated to the train of stock options, U.S. securities filings confirmed on Monday.

Musk bought 934,091 shares after exercising options to purchase 2.1 million stocks at $6.24 every on Monday. Tesla shares closed at $1,013.39. He’s required to pay revenue taxes on the distinction between the train value and honest market worth of the shares.

That is the second time in per week that the billionaire has exercised his stock option. Last Monday, he sold another 934,000 shares for $1.1 billion after exercising options to purchase almost 2.2 million shares.

The 2 options-associated gross sales had been arrange in September by way of a buying and selling plan that enables company insiders to set up preplanned transactions on a schedule, the filings mentioned.

As of the tip of 2020, he had an option to purchase 22.86 million shares, which expire in August subsequent 12 months, a Tesla submitting reveals.

On Nov. 6, Musk polled Twitter customers about promoting 10% of his stake, pushing down Tesla’s share value after a majority on Twitter mentioned they agreed with the sale. It was not clear how or whether or not the buying and selling plan associated to Musk‘s Twitter ballot. – Reuters

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