Friday, December 03, 2021
Papers worth billions
Elon Musk silvered more Tesla shares
After selling $ 5 billion worth of shares in November, Elon Musk is selling nearly a million Tesla shares again. He wants to use the money to pay taxes. In order to achieve the goal he has set himself, the 50-year-old has to sell more shares.
Tesla boss Elon Musk has again monetized his company’s shares. The entrepreneur sold around 934,000 papers for about one billion US dollars, as emerged from mandatory reports to the US Securities and Exchange Commission on the night.
This means that Musk has sold around ten million Tesla shares worth almost eleven billion dollars, the equivalent of 9.6 billion euros, since he announced the sale of part of his shares in the electric car manufacturer in a Twitter vote in early November.
Musk had Twitter users vote whether he should part with 10 percent of his 17 percent Tesla stake in order to pay income taxes with the proceeds. 58 percent of the 3.5 million votes were in favor. To achieve the 10 percent target, Musk has to sell more Tesla shares.
What the 50-year-old ultimately wanted to achieve with the vote and to what extent he planned to sell shares can only be speculated about. Shortly after the Twitter poll, Musk had already parted with company shares valued at around five billion dollars. It was his first share sale since 2016.
Musk is rewarded in stock options at Tesla. The electronics manufacturer has experienced a massive stock market rally in recent years, which Musk, according to billionaire charts such as the “Forbes” list or “Bloomberg Billionaires” – at least on paper – with an estimated fortune of almost 300 billion dollars, became the richest person in the world has made. Musk is Tesla’s largest single shareholder.