Master stroke of Elon Musk who sold over 930,000 Tesla shares worth about $ 1.1 billion and bought another two million for $ 13.4 million using his stock options at $ 6.24. This was communicated by the same company to the financial authorities. Musk still holds over 170 million shares. The reason for the sale, planned as early as September, would be partly linked to tax obligations on stock options. In the space of a week, therefore, the entrepreneur has sold Tesla securities for about 5 billion dollars. exercising the stock options he received from his remuneration plan. Musk exercised about 2 million stock options on Monday valued at around 2.5 billion, paying 13.4 million in operating costs.
The sale equates to approximately 3% of Musk’s total stake which prior to the transaction owned approximately 23% of Tesla. The move came just as Washington proposes to tax billionaires’ holdings to help fund President Joe Biden’s desired social spending plan.
“Elon Musk takes no salary, he is paid only in shares and at some point he had to reduce the concentration,” said Art Hogan, chief market strategist at National Securities in New York, according to which “this is nothing new. It just gets more attention because it’s a type of company with such a high market capitalization, it attracts attention. “
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