Elon Musk is selling over 930,000 shares of Tesla stock to meet his tax obligations

Posted:

November 16, 2021 05:34 GMT

This is the second time in just a week that a businessman has disposed of shares in his car company.

Tesla and Space X founder Elon Musk has sold 934,091 shares of his auto company, according to two reports. Foot before the US Securities and Exchange Commission (SEC) on Monday, November 15. The decision to liquidate the shares is part of a strategy to meet its tax obligations, according to reports Reuters.

The sold securities raised $930 million, at a rate of $6.24 for each of the 2.1 million offered. At the close of the New York Stock Exchange today, Tesla shares were trading at $1013.39.

This is the second time in a week that Musk has sold shares in the automaker. Last Wednesday 10 November she was 900,000 company bonds, worth more than $1,100 million. Both financial moves are linked to a plan adopted on September 14 to sell stock options that expire in August 2022.

However, the South African businessman’s decision is also due to his promise to sell 10% of his shares. On November 6, he launched a survey on Twitter, in which he asked his followers whether he should sell this percentage of his stake in Tesla, committing to comply with the result of the query. The majority of respondents voted in favor of this idea. Musk proposed the sale after the US government announced its plans to tax the billionaire to help fund increased spending and Social Security.