Tesla CEO Elon Musk Says He Sold ‘Enough Stock’, Slams California for ‘Overtaxation’

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Tesla CEO Elon Musk said he has sold “enough stock” to reach his plan to sell 10 percent of his shares in the world’s most valuable car company, according to an interview released Tuesday.

The billionaire, who moved the company’s headquarters from California to Texas this month after his personal move last year, also slammed California for “overtaxation”.

Tesla shares, which hovered near record-highs, lost nearly a quarter of their value after musk It said on November 6 that it would sell its 10 percent stake if Twitter users agreed.

On Tuesday, Musk sold another 583,611 shares, bringing the total number of shares he sold to 13.5 million — about 80 percent of what he plans to sell.

“I sold enough stock to get about 10 percent plus option exercise material and I tried to be extremely literal here,” he said in an interview with satirical website Babylon Bee.

When asked whether he sold the stock because of this? Twitter Survey, he said, requires him to exercise stock options that expire next year “no matter what.” He also said he sold an additional “incremental stock” to get around 10 percent.

Of the 13.5 million shares sold, 8.06 million shares were sold to pay taxes related to their option exercise.

Musk said on Twitter on Sunday that he will pay more than $ 11 billion (about Rs 83,060 crore) in taxes this year.

“California used to be a land of opportunity and now it is … becoming a land of more and more redundancies, more and more taxes,” he said, adding that in California “getting things more difficult” ” Is.

© Thomson Reuters 2021


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