Elon Musk is selling Tesla shares again, and for huge amounts of money – they went for nearly a billion dollars. The president and main shareholder of the company took this step almost immediately after exercising once again options to buy Tesla shares on very low terms – just $ 6.24. Currently, their market value is over a thousand dollars, which equates to the tax payable. Elon Musk has already sold Tesla shares for nearly $ 8 billion, and this is not the end.
Elon Musk is selling Tesla shares again
According to a stock exchange report submitted by Tesla to the regulator of American exchanges, Elon Musk sold exactly 934,000. company shares, enriching by 930 million dollars. It is worth recalling that last week, an eccentric billionaire sold shares of the company for almost $ 7 billion.
What is it all about? Elon Musk sells the shares at a market rate of over $ 1,000 a share, but also uses a clause in his management contract to buy shares on a previously agreed basis. And these conditions are extremely attractive. The price is just $ 6.24 each. In a few days, Musk bought back 4.3 million shares based on previously negotiated conditions.
Is this practice legal? Yes, but in this case, tax must be paid on the difference between the market price and the transaction price. According to the Spidersweb portal, the last sale of shares by Elon Musk is caused by the tax obligation.
However, not everyone thinks so. Michael Burry, an investor who was the prototype for one of the heroes of the famous movie “The Big Short”, believes that Elon Musk just wants to sell Tesla shares and does not do it because he wants to pay taxes.
Elon Musk asked what to do on Twitter
Elon Musk, who is currently the richest man in the world according to Bloomberg’s ranking, will perform many more such operations. He still has time for that. The options for the purchase of Tesla shares on extremely attractive terms will expire him only in August next year.
The eccentric businessman started selling Tesla shares after he asked on Twitter if he should sell 10 percent. company shares to pay taxes. In the poll, he stressed that the results would oblige him to do the will of the community. The vast majority of voters answered “yes” to his question. So Elon Musk does it, he announced.
Source: Salon24.pl: Strona główna by www.salon24.pl.
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