Musk sold Tesla shares for five billion dollars – oPeniazoch.sk

Over the weekend, Musk approached Twitter users in response to criticism that he did not pay a fair share of taxes. “Recently, there has been a lot of talk that unrealized profits are a means of tax avoidance, so I also propose to sell ten percent of my Tesla shares. Do you support it? “ He added that he would submit to the result, whatever it was. 57.9 percent of users voted for the sale of shares.

Tesla doesn’t pay Musk a cash salary. Instead, it gains huge stock options. “I only have shares, so the only way to pay taxes in person is to sell the shares,” Musk said on twitter.

Of the total $ 5 billion, $ 1.1 billion will go to stock options taxes. Musk still holds more than 166 million Tesla shares.

The agencies warn that the number of shares sold comes from the high remuneration of 2012 in the form of stock options. These options must be exercised by August next year, otherwise they will expire. Earlier this year, Musk publicly announced that it was likely to exercise these options in the near future. Musk said long ago that he would probably sell a “huge package” of his options. After speaking at the Code Conference in September, Musk said that when his options on Tesla shares expire, his marginal tax rate will exceed 50%. It is thus possible that this application and related sales would take place regardless of the results of the Twitter survey, according to a pre-agreed plan, Bloomberg said.

The news of the sale caused the share prices to fall on Monday and Tuesday, but on Wednesday the shares revived. This year, Tesla’s shares gained more than 50 percent. They closed at $ 1,067.95 on Wednesday.

Following the transaction, Musk owns approximately 167 million Tesla shares. According to data from June, according to the AP Musk agency, Tesla was the largest shareholder with a share of about 17 percent. According to Forbes magazine, Musk is the richest man in the world, with a net worth of about $ 282 billion. The main company consists of Tesla shares.

Ken Griffin, general manager of the US multinational hedge fund and financial services company, Ken Griffin, said Wednesday at the DealBook online summit that he personally did not welcome the sale by Musk. “Individuals like Elon Musk and Jeff Bezos have changed our lives, and we want them to stay in control of their companies as long as their energy and ambition keep me moving forward.”

Current and former board members, including Chairman Robyn Denholm, Brother Elon Musk Kimbal Musk, Ira Ehrenpreis and Antonio Gracas, sold Tesla shares worth hundreds of millions of dollars in the period from October 28 after Tesla’s market value exceeded $ 1 trillion. Among these confidential sales, the sale of Kimbala Muska was the only transaction that was not listed as 10b5, ie the planned sale. Kimbal Musk sold his shares worth about $ 109 million a day before a poll launched by his brother on Twitter.