Elon Musk sells $1 billion of Tesla stock and still owns more than before – World News

Elon Musk sells $1 billion of Tesla stock and still owns more than before

Elon Musk has sold a substantial portion of Tesla shares — which are worth about $1 billion — yet he now owns more than he did when he began selling.

Tesla CEO Elon Musk has sold 10.1 million shares of the company — worth about $1 billion.

Yet surprisingly, he now holds 564,000 more shares than at the start of the selling spree.

Mr Musk, the world’s richest man, made headlines last month when he asked Twitter if it should sell 10 percent of its Tesla stock, When the Twitter poll ended, 57.9 percent voted in favor of selling the stock

Yet the irony is that despite selling millions of shares, Mr. Musk now has more than ever. This is because along with selling, he has exercised the options to buy more shares.

Options are at a deal price of US$6.24 per share. Tesla shares were selling for US$1003.80 today. They are down about 6 percent for the month, but up 37.55 percent for the year.

CNN reports Mr Musk has exercised options to buy 10.7 million Tesla shares. The options were to expire on August of 2022.

Mr. Musk may still sell another 7 million shares if he intends to sell his 10 percent stake as promised on Twitter.

Mr. Musk had tweeted: “Unrealized gains as a means of tax avoidance have been done a lot lately, so I propose to sell 10% of my Tesla stock. Do you support that?”

“I will follow the results of this election no matter what,” he said in another tweet.

Mr Musk’s tweets followed a proposal by US Congressional Democrats to tax the super rich by targeting stocks more heavily, which are usually only taxed when sold.

His intervention was not well received by critics.

US Senator Ron Wyden tweeted: “Whether or not the world’s richest person pays any taxes should not depend on the results of a Twitter poll.”

“It’s time for billionaires’ income tax,” he said, drawing a personal insult in response to Mr. Musk.

‘crazy’ spending

The billionaire this week called US President Joe Biden’s social and climate spending bill “crazy”.

“Honestly, I can just do this whole bill,” said Mr. Musk. wall street journal CEO Council Summit. “Don’t pass it up, that’s my recommendation.”

The Build Back Better Act would spend about $1.7 trillion on Democratic Party priorities such as paid leave and measures against climate change.

The Congressional Budget Office estimates it will add about $160 billion to the national debt over the next decade.

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