Elon Musk has hit his target of selling 10% of his…

Elon Musk has hit his target of selling 10% of his… post thumbnail image

The billionaire sold 13.5 million shares of his own company and an option to buy securities.

Famous entrepreneur and crypto enthusiast Elon Musk sold another 583,611 shares of electric carmaker Tesla, according to Securities and Exchange Commission (SEC) documents. As a result, the number of securities sold to date has reached 13.5 million – 80% of what he intends to sell.

“I sold almost 10% of the stock, plus exercise options, and I tried to be as specific as possible,” he said in an interview with Babylon Bee.

Recall that in early November, the entrepreneur shared his microblog information with an audience that he was accused of tax evasion through unrealized profits. Including, we are talking about Elon Musk’s earnings from Tesla shares. To avoid charges, the entrepreneur offered to sell 10% of the company’s securities from his portfolio and pay taxes. In microblogging, he asks users to vote for or against the initiative. The entrepreneur’s audience supports the sale of 10% of his Tesla securities.

In an interview, he was asked if the results of a Twitter poll were the reason for the stock sale. Musk replied that he would “still” exercise the option that expires next August. He also added that he was selling additional shares to meet his promised 10% target. According to him, exercising the option will not bring the desired result. Previously, SEC documents indicated that Elon Musk had been preparing to sell Tesla shares since September.

It should be noted that the amount of the company’s securities during the sale did not decrease, but increased. Musk has sold more than $14 billion of shares since November, but is at the same time exercising options to buy 16.4 million shares for $6.24 each, MarketWatch reports.

“I don’t have an offshore account. <...> All of my wealth is in Tesla and SpaceX shares. <..> My bank balance is very low,” Musk said in an interview.

Recall that Tesla’s capitalization is more than $ 1 trillion, and the value of SpaceX in October exceeds $ 100 billion. Recently, the American magazine Time called the entrepreneur and crypto investor “Person of the Year 2021”.

The billionaire also said that California’s “taxes are too high and the regulations too strict.” Musk recently moved and moved Tesla’s headquarters from California to Texas. On Sunday, he tweeted that he would pay $11 billion in taxes this year.

Against the backdrop of the news, Tesla’s stock price in the premarket is up 3% and continues to grow.

Source: MarketWatch.

Read also: Tesla board members sold more than $100 million of stake in the company.

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