Elon Musk sells Tesla stock for nearly $5 billion amid survey that leads to paper crash

Nova York, Nov. 11 (ANSA) – About President Tesla, Elon MuskAbout $5 billion of the company’s stock was sold this week, according to documents released by the U.S. Securities and Exchange Commission (SEC) on Wednesday (10). In all, 4.5 million shares were traded.

But despite the sale that occurred after Musk used Twitter to ask whether or not Tesla shares will be sold At the expense of a new project by Joe Biden’s government for millionaires and billionaires to pay more taxes, documents show that the sale of most of them has already been planned since September.

The survey has ended up taking down the value of Tesla shares since the results of the survey were announced, with more than 57% saying they are for sale. Even with the big deal, he still owns 17% of the company’s stock and is the company’s largest shareholder.

Documents released by the commission show that Musk sold approximately 3.6 million shares for $4 billion and sold another 934,000 shares for $1.1 billion to pay taxes on exercising the 2.15 million shares purchase option.

This purchase ended up at 1% per share less than the current value. It has already been agreed to sell these 934,000 shares on September 14th.

Basically, Musk bought 2.15 million shares and immediately sold 934,000. Tesla gave this purchase option to its boss in 2012 as a form of compensation for his participation in the company.

The billionaire himself had reported, on the day of the survey, that he had not received a salary from Tesla and that he only “has shares”. “So my only way to pay taxes is to sell the shares,” he added.

The large shareholder tax bill aims to get to exactly this point. Currently, these millionaires and billionaires only pay taxes if they sell shares and they don’t have taxes on their wealth, because they don’t get paid or have businesses like other classes do. (Ansa).

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About the Author: Camelia Kirk

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