Elon Musk sells a further $ 930 million in Tesla shares while continuing his sales streak

Elon Musk
Tesla CEO Elon Musk.

  • Tesla CEO Elon Musk has sold more than 934,000 shares in the company.
  • The sale comes as Tesla’s CEO exercised options to buy 2.1 million shares at $ 6.24 each.
  • Musk is required to pay income tax on the difference between the exercise price and the fair market value of the shares.

Elon Musk has sold more than 934,000 Tesla shares worth $ 930 million, the U.S. Securities and Exchange Commission (SEC) filing showed Monday.

The sale comes as Tesla’s CEO exercised options to buy 2.1 million shares at $ 6.24 each, one of the applications showed. Musk is required to pay income tax on the difference between the exercise price and the fair market value of the shares, which closed at $ 1,013.39 on Monday.

This is the second time in less than two weeks that the billionaire has exercised his stock options. On November 8, Musk exercised options to acquire nearly 2.2 million shares, a regulatory application shows.

Today’s share sale comes after Musk sold shares for $ 6.9 billion last week. Earlier this month, he also conducted a Twitter survey in which he asked if he should sell 10% of his stock to pay taxes, promising to abide by the result, which turned out to be overwhelmingly positive.

Some of the billionaire’s share sales today are part of a trading plan established in September, the SEC filing shows.

Musk still has millions of stock options he needs before their expiration next August.

Musk’s Twitter survey and stock sales come amid intense debates in the United States over whether the wealthy are paying enough in taxes. Tesla’s CEO is the richest man in the world with a net worth of $ 279 billion, according to the Bloomberg Billionaires Index.

On Sunday, Musk taunted Bernie Sanders on Twitter after the senator said the extremely rich should pay their “fair share” of taxes.

“Do you want me to sell more shares Bernie? Just say the word,” Musk tweeted to Sanders in response. Tesla shares fell as much as 5% on Monday.

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