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Tesla's Musk sells $930 million in shares to cover stock option tax - filings

Stock MarketsNov 16, 2021 09:21AM ET
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© Reuters. FILE PHOTO: Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul/Pool via Reuters

(Reuters) -Tesla CEO Elon Musk has sold $930 million in shares to meet tax withholding obligations related to the exercise of stock options, U.S. securities filings showed on Monday.

Musk sold 934,091 shares after exercising options to buy 2.1 million stocks at $6.24 each on Monday. Tesla (NASDAQ:TSLA) shares closed at $1,013.39. He is required to pay income taxes on the difference between the exercise price and fair market value of the shares.

This is the second time in a week that the billionaire has exercised his stock option. Last Monday, he sold another 934,000 shares https://www.reuters.com/business/autos-transportation/tesla-selloff-puts-risk-its-1-trillion-club-membership-2021-11-10 for $1.1 billion after exercising options to acquire nearly 2.2 million shares.

The two options-related sales were set up in September via a trading plan that allows corporate insiders to establish preplanned transactions on a schedule, the filings said.

As of the end of 2020, he had an option to buy 22.86 million shares, which expire in August next year, a Tesla filing shows.

On Nov. 6, Musk polled Twitter (NYSE:TWTR) users about selling 10% of his stake, pushing down Tesla's share price after a majority on Twitter said they agreed with the sale. It was not clear how or whether the trading plan related to Musk's Twitter poll.

Tesla's Musk sells $930 million in shares to cover stock option tax - filings
 

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Comments (5)
Rahul Mishra
Rahul Mishra Nov 16, 2021 10:00AM ET
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once upon a time in America, Martha Stewart went to prison for a similar case. Today's world is out of wack.A politician, who proposes MMT, knowing fully well that only the UHNW will benefit, is ranting against the UNHW.The UNHW who is amongst the few that benefit from MMT, is ranting against the politician.Smokes & Mirrors.I must re read 1984.
Matt Brackley
Matt Brackley Nov 16, 2021 7:21AM ET
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Musk uses taxpayer dollars to inflate his wealth as the masses get obliterated by inflation. Fixed.
Rodney Dangerfield
Rodney Dangerfield Nov 16, 2021 7:01AM ET
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I bet if you look around I bet he probably isn't the only CEO dumping stock right now now that Joe signed that most likely garbage-filled bill it's getting about that time
Larry Langley
Larry Langley Nov 16, 2021 1:48AM ET
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People cry for him make instant profit diluting stock getting at cost of few dollars millions of shares immediately sells for highest price over a week of this. Turned into circus show dragging the company value down with zero care to shareholders. Under 100 years of incorporation charters that made the board and senior officials libel and criminally responsible for value lost. I own copy before they gutted laws and companies went into debt and borrowed from the country at 0 rates.Story changed from help feed the hungry, to taxes. Blurry sounds right he borrowed against his stock and needed free money to pocket for his lifestyle and pay who he borrowed from.Everyone acts like he's the soul reason this company exists. They thought that about Steve Jobs and Apple.Always a Wozniak and others we'll never hear of develops these companies.SEC needs to crack down on Fed, Hedgies, Analysts, remove price fixes, error graders (sheep herders all).
jason sanders
jason sanders Nov 15, 2021 9:02PM ET
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I want to buy tesla stock but I heard it might go down by 90%
 
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