Elon Musk, the world's richest man, has once again sold shares of his electric car company Tesla. According to the information given on his behalf in a US Securities filing on Monday, Musk has sold 9,34,091 shares of Tesla this time for 90.65 crores. First, he had sold the same number of shares for $963 million. He started selling the company's shares on 4 November. Since then the company's stock has been declining continuously.
Earlier, on November 6, Elon Musk asked his followers on Twitter should he sell 10% stake in him? Most of the followers voted in favor of it. Since then, Elon Musk has sold about 9.2 million shares of his company, whose value is $ 9.9 billion. Last Tuesday, Elon sold 934,091 shares of Tesla to pay tax liability.
In fact Elon takes stock options in Tesla instead of salary. In this, they get the right to buy shares of Tesla at a price of 90% below the market rates. In 2012, Tesla gave Mr. Musk a stock option. Under this, Elon Musk got the option to buy about 22.8 million shares of the company at a price of just $ 6.24 per share. Elon had time until 2022 to exercise this option.
However, during this time a law came in the US, under which 50% of the capital gain (gain) on the difference between the exercise price (purchase price) of all shares and the actual value of the share has to be paid as tax. Elon is now buying shares of the company by redeeming this stock option. However, he is also forced to resell a large number of shares to pay his tax liability of 50%.