Over the weekend, Elon Musk made headlines by tweeting, as he often does, and in one of the tweets, offered to sell 10 percent of his shares in Tesla. At the time, he said, “I will respect the results of this poll no matter how it turns out.” Now the documents filed with the SEC (1, 2) reveal that the executive exercised its options on more than two million shares of the automaker and sold 934,091 of them (via CNBC). At the company’s current valuation, the shares he sold are worth around $ 1.1 billion.
So did he do it because someone on Twitter voted one way or the other? In this case, no, because like analyst Matt Levine points out, documents reveal that the plan for the sale has been in place since September 14.
As we told you over the weekend, Musk’s compensation plan granted him a number of shares that were due to expire in 2022. To exercise that grant, he will have to sell around $ 15 billion in shares, as he described in detail at the Code Conference. September 28, two weeks after organizing this sale. At this moment, Musk said, “I have a bunch of options expiring early next year, so a huge block of options will sell in Q4. Because I have to, or they will expire.
The financial perks and penalties that apply to Musk mean Wednesday’s sale isn’t the last – and despite Musk’s character Edgelord, it doesn’t matter what you say on Twitter about billionaires and taxes.
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