Elon Musk is almost done selling his 10 percent stake in Tesla, the electric car company he founded. The Tesla CEO has sold more than $15 billion worth of stock since November.
On Wednesday, December 22, 2021, he tweeted that the sale of his shares was nearing completion. “Consider this a settlement of 10m”, he said, referring to his planned share sale quoted by Reuters, Friday, December 24, 2021.
“There are still a few more stages, but, almost done,” Musk said again.
In rule 10b5-1 for trading plans in September, Musk exercises stock options that will expire next year. He sold a number of shares to pay taxes, according to documents from Tesla.
Musk still owns about 1.5 billion shares that will expire in August next year.
Elon Musk on November 6 tweeted that he would sell 10 percent of his shares if netizens agreed.
When asked if he sold the stock because of a poll on Twitter, Musk stated he needed to exercise a stock option that expires next year “no matter what.”
He sold the “additional stake” for close to 10 percent.
Musk has said he will pay more than $11 billion in taxes this year. Musk’s personal taxes, he said, amount to 50 percent, including federal and state income taxes.
Last year, he moved from California to Texas to avoid being subject to income tax.