Elon Musk sells another $1bn worth of shares to clear tax bill from Tesla

Billionaire and founder of Tesla Inc., Elon Musk has reportedly sold another 934,090 shares in the electric vehicle manufacturer for $1.2 billion.

 

 

This is coming barely 7 days after Musk confirmed that he would pay over $11 billion in taxes this year.

 

 

He had also predicted that the tax rate would rise next year.

 

 

The billionaire has been offloading his Tesla stock after he polled Twitter users about selling 10 percent of his stake in November.

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He has now sold more than 15 million Tesla shares.

 

 

Recall that last month, Elon Musk sold about $5 billion worth Tesla’s shares and nearly $1 billion again the same month.

 

 

Musk’s fortune is heavily reliant on Tesla — and SpaceX valued at 100 billion after a funding round some months ago.

 

 

He will be required to pay this tax bill to receive compensation of more than $23 billion in the form of stock options that would otherwise expire in August 2022.

 

 

According to Wall Street Journal, Musk’s holdings in Tesla have increased from about 170 million shares to over 177 million shares for exercising his options this quarter.

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Akanji Philip

Akanji Philip has been working as a reporter with VOICE AIR MEDIA, both onsite at the head office in Odi-Olowo, Osogbo, and remotely. He has covered events at notable political venues, involving prominent figures such as former Osun Governor Adegboyega Oyetola, current Osun State Governor Senator Isiaka Adetunji Adeleke, former Vice President Professor Yemi Osinbajo, the late Ondo Governor Rotimi Akeredolu, Oyo State Governor Seyi Makinde, and various other representatives and lawmakers. In addition, he has represented the company at various press conferences at police stations and has reported on occasions featuring entertainers and actors, such as Kola Oyewo during Oba-Ile Day in Osun State, among others. -Phone Number: +2349058501092, +2348137827714 -Email: akanjiphilips100@gmail.com

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