CEO of Tesla Inc. Elon Musk says he is ‘almost done’ with the stock sales of his company after selling more than $15 billion worth of stocks in more than a month.
Tesla Inc. CEO, Elon Musk made confusing remarks about whether he has completed his goal of selling 10% of his Tesla shares or not. He said on Wednesday that he is “almost done” with selling his stocks as he sold stocks worth more than $15 billion in a course of more than one month.
The billionaire said in an interview on Tuesday that, “I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literate here.”
But the very next day he tweeted, “this assumes completion of 10b sale,” referring to his sales plan. “There are still a few tranches left, but almost done,” he said indicating that his goal might not have been completed yet.
According to filings of the company, he exercised stocks that expire next year and also sold a separate portion of his stocks to pay taxes (under the Rule 10b5-1 plan). He had a very impressive sale following this and Musk still has about 1.5 million stock options which will expire in August of 2022. The shares of his company ended up at being 7.5% higher at $1008.87 and making his company’s value just over $1 trillion.
Musk has been selling Tesla stocks ever since he took over his Twitter handle to ask his audience about selling his stake. This comes after he got a tax bill of more than $10 billion on stock options which he is yet to exercise.
“I don’t have any offshore accounts, I don’t have any tax shelters,” this was Musk’s statement after getting criticised by a number of lawmakers calling him ‘a freeloader’. He replied to it with “Everything is extremely transparent.”