Musk Sells Tesla Shares Worth $5B

Tesla Chief Executive Elon Musk filed an S-4 form with the Securities and Exchange Commission showing he abided to a Twitter poll and sold some of his stake in the automaker.

The filing shows Musk sold 934,091 shares and exercised options on 2,154,572 shares at $6.24 per share. The value of the shares is about $5 billion.

Musk recently posted a poll on Twitter asking if he should pay taxes on unrealized capital gains by selling 10% of his holdings. More than 3.5 million votes were placed in 24 hours with 57.9% of respondents encouraging the stock sale.

https://twitter.com/x/status/1457064697782489088

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk tweeted.

“Note, I do not take a cash salary or bonus from anywhere,” he added. “I only have stock, thus the only way for me to pay taxes personally is to sell stock.”

https://twitter.com/x/status/1457067398712942592

While Musk did sell shares after the poll, however, the BBC noted that roughly one-fifth of the total shares Musk sold were already scheduled to be sold. Musk is currently the wealthiest person on the planet.

 

[ATPMSD]

Nice PR stunt, but I would have preferred he (and the other billionaires) agree to sell only when the government produces a balanced budget.

 

[dazedNconfuzed]

Taxed over 50%, he now has to pay ~$2.5B in taxes.

 

[ATPMSD]

Taxed over 50%, he now has to pay ~$2.5B in taxes.

Much worse all the way around:

Elon Musk faces a $15 billion tax bill, which is likely the real reason he's selling stock

Elon Musk faces a tax bill of over $15 billion in the coming months on stock options, making a sale of Tesla stock this year likely regardless of the Twitter vote.

www.cnbc.com

 

[RSpanner]

Elon Musk says he is willing to spend $6 billion to fight world hunger ...​

did he just take the first step, or go back on his word?

 

[Electric700]

I encourage him to keep his remaining shares, staying on top as the largest shareholder.

 

[plumazul]

Taxed over 50%, he now has to pay ~$2.5B in taxes.

2023-2024 Long-Term Capital Gains Tax Rates | Bankrate

Long-term capital gains are taxed at a lower rate than short-term gains. In a hot stock market, the difference can be significant to your after-tax profits.

www.bankrate.com

 

[dazedNconfuzed]

When asked about taxes in an interview, Musk noted he pays over 50% in income tax. Given a pedantic autistic genius vs internet rando (no offense, I dunno who y'all really are), I'll stick with Musk's contention.

"Elon Musk faces a $15 billion tax bill, which is likely the real reason he's selling stock" - there goes any validity about the insinuations that taxpayers got screwed by EV subsidies enjoyed by Tesla: Musk alone has paid over $20,000,000,000 in taxes, way more than whatever Tesla got in so-called "government handouts" (however defined). You may not like gov't "giving" money to private businesses beyond normal contracts (I don't), but in this case it worked out well for taxpayers by turning a profit for gov't.

 

[dazedNconfuzed]

Elon Musk says he is willing to spend $6 billion to fight world hunger ...​

did he just take the first step, or go back on his word?

Condition was on UN to present a plan and open the books, which didn’t happen. He called their bluff and they folded.

 

[RSpanner]

Condition was on UN to present a plan and open the books, which didn’t happen. He called their bluff and they folded.

I did not know that, thank you.

 

[Stook02ss]

Elon Musk says he is willing to spend $6 billion to fight world hunger ...​

did he just take the first step, or go back on his word?

What do you mean? The UN dude never provided a single bit of info on a) how they spend their money (so how they would spend his) or elaborated one bit on how $6 billion could end world hunger.

I'm pretty sure there are years the UN foodbank raised more than that... lol. He knows that the guy that made the $6 billion claim is just blowing smoke.

 

[RSpanner]

At least Elon is not quoating M.L.K. on morality. He may however, be having lunch with Aaron Rogers to discuss donating to the food bank.
Sorry, but a great opportunity for Musk on so many levels..and he can afford it, I would think.

 

[dazedNconfuzed]

It is a great opportunity, and he exposed the UN money grab with just one tweet.
Sure he can fund eradicating world hunger, he just can't fund it without a huge chunk of that $$$ getting siphoned off to enrich opportunists.
It also would distract from his fixation on the comparable goal of making humanity multi-planetary. If someone is doing good, don't criticize them for not doing a different good.