Wednesday December 22, 2021
Announcement follows after sale
Musk brings in millions again with Tesla shares
Elon Musk is again throwing Tesla shares on a large scale, raising millions. The step after his public approval on his favorite network Twitter is not surprising – but an announcement by the Tesla boss in a video interview.
Tesla boss Elon Musk is making further progress with his sale of shares in his company. The entrepreneur again sold shares in the electric car maker, as is evident from a mandatory notification to the US Securities and Exchange Commission. Accordingly, Musk sold more than 583,600 Tesla shares for 528 million US dollars (about 468 million euros). The billionaire has now cashed around 13.5 million Tesla shares worth a good 14.1 billion dollars (12.5 billion euros).
At the beginning of November, Musk had agreed to sell a tenth of his shares in the electric car manufacturer via a vote on Twitter in order to pay more taxes. Since then he had sold papers on a large scale several times. And his promise seems to have already been fulfilled for him: in one Video interview with the satire website “Babylon Bee” Musk said he sold “enough stock” to achieve his plan.
Ten percent of his Tesla shares are actually around 17 million Tesla shares. The 50-year-old will probably not sell the 3.5 million shares that have not yet been sold as soon as he promised on Twitter. When asked whether he sold the stock based on the Twitter poll, the Tesla boss said in the interview that he would have to exercise stock options that expire next year.
Musk is Tesla’s largest single shareholder. Since he began selling shares in early November, Tesla stock has come under pressure and has lost more than a fifth in value. The annual growth is currently 33 percent.
Shares lose value after the sell-off
The Tesla boss’s fortune has also shrunk in the past few weeks due to the share price fall. According to Bloomberg calculations, it is around $ 245 billion; in mid-December it was around $ 9 billion more. Musk’s wealth is largely based on equity stakes, which are not taxed until they are sold.
In a Twitter message over the weekend, Musk announced that he would be expected to pay more than $ 11 billion in taxes this year. Musk’s stake in the electric car maker remains at over 17 percent despite the sales. The boss of the VW rival keeps getting new papers through a stock option program. However, according to his own statement, he does not receive a salary for the management of the company.