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Elon Musk sells more of his Tesla shares

Elon Musk, CEO of Tesla, has sold another 934,090 shares in his electric car and solar businesses, according to recently revealed financial records.

However, Musk still has more than a million shares to sell in order to meet his 10% November target of about 17 million shares.

Tesla stock rose to $6.24 a share after he exercised a 2012 compensation option to buy $1.6 million shares. As a result, he now owns more than 177 million shares of Tesla, an increase of nearly $170.5 million.

As we may recall Tesla’s CEO recently asked his millions of Twitter followers if he should sell 10 percent of his stock in the company, and the overwhelming majority said yes. CEOs can trade their own equity under the Corporate Insiders regulations as long as they declare in advance how and when they intend to trade in order to avoid being accused of insider trading, which is prohibited.

With Tesla stock up 54% this year, Musk is now the richest person on Earth. He doesn’t accept a salary or receive cash bonuses, thus his entire net worth is derived from his company ownership positions.

The anticipated $11 billion in federal and California income taxes that the billionaire is expected to pay will likely be the highest individual tax payment in the history of the United States. If he doesn’t pay this tax bill, he won’t be able to keep his stock option payout of over $23 billion, which would expire in August 2022.

What do you think?

Written by Babatunde Okerayi

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