London, Thursday, 23 December 2021
According to financial filings with the US Securities and Exchange Commission (SEC) on Thursday, Elon Musk has sold $15 billion worth of Tesla stock in the last seven weeks.
Out of around 23 million exercised stock options slated to expire in August 2022, the Tesla CEO sold little over 21 million shares of the electric carmaker.
Musk's tax liabilities for 2021 are projected to be over $11 billion, thus the action is part of covering withholdings.
"There are a few tranches remaining, but we're almost done," Musk said on Twitter on Wednesday.
After asking followers in a Twitter poll on Nov. 6 whether he should go forward with the sale, he set an aim of selling roughly 10% of his Tesla shares.
"Unrealized earnings as a technique of tax avoidance has received a lot of attention recently," Musk said to his followers.
"Regardless of the outcome of this poll, I will follow the findings... Do you agree with this? "He went on to say that he got a response from more than 3.5 million people, with 57.9% in favour and 42.1 percent opposed.
At 9:53 a.m. EDT on Thursday, Tesla stock was trading about $1,010, down 17.3 percent from $1,222 the day before he announced the decision in November.
(Researched, written and edited by: The Decision Maker)
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