One of the world’s most enduring enigmas and genius inventors of its modern history, Elon Musk continues to be the shining star and subject of massive envy that he is.
For someone who is a self-taught inventor and a massive promoter of the idea, the philosophy and the tectonic shift that mankind is gradually making- one known as EV- Elon Musk inspires as much as he collects accolades.
Had he not been there then perhaps it’s only fair to say that the phrase Tesla would only have remained in the history books for being the great definition of a one-of-a-kind Croatian mind- second to none- whose creations are a gift for all of mankind!
But on December 3, the man behind the famous Model S and Model 3 has done something so humungous, if it must be said so, that he has, once again, begun to dominate the discussion and become a popular social media trend.
According to news updates and reports, as of December 3, 2021, Elon Musk sold shares worth $10.9 billion of none other than Telsa.
To help understand why this was done, here’s what a popular news channel based in India had to say:
In early November, the world’s richest person tweeted that he would sell 10 percent of his stock if users of the social media platform approved. A majority of them had agreed with the sale on the Twitter following which he sold the shares. However, according to a report by the Wall Street Journal, Musk was facing a $3.5 billion tax bill on his options at the time. This would have amounted to more if Tesla stock did not plunge following the Twitter poll — which actually saved him $480 million.
Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, according to Reuters. Musk’s option expires in August next year, which is a reason why he has gone on a share selling spree.
Tesla shares, though dropping after Musk’s Twitter poll, held to the $1 trillion market cap to become the most valuable car-making company in the world. on Friday, Tesla share was selling at $1,084 apiece.
Now, all of that said, even though this is a massive transaction and according to some experts, a big business deal for the great Musk, he will still, as it’s known, pay taxes from 2012 to 2021 at a rate of 50 percent.
And as of Friday, the following is known about Musk: If Musk goes by his promise in the Twitter poll, he has to sell around 17 million shares. This means that he has to say goodbye to another 10 million shares to fulfill his target.