Tesla CEO Elon Musk, the world’s richest man, sold a sizable chunk of stock on Monday to help pay taxes on options he acquired nearly a decade ago, new regulatory filings showed Wednesday—suggesting the eccentric billionaire. Just days later he would make a rare sale in response to a billionaire tax proposal discussed in Washington, D.C. last month.
in two sawdust Released Wednesday by the Securities and Exchange Commission, Musk disclosed that he exercised approximately 2.2 million stock options on Monday for about $13.4 million and then sold approximately 934,000 shares for more than $1.1 billion. Gave.
Musk sold shares at an average price of about $1,170 — a nearly 180% runup in prices over the past year, but still about 6% shy of Thursday’s all-time high.
The transaction represents less than 1% of Musk’s total stake; He still holds about 171.7 million Tesla shares.
The move comes after Musk on Saturday Called To help Twitter users decide whether they should sell 10% of their nearly 23% stake in Tesla in response to a short-term proposal in Congress to help avoid taxes on billionaires’ unrealized stock gains Would have helped to avoid tax.
Although users voted overwhelmingly for Musk to make the sale, footnotes in Wednesday’s regulatory filing reveal that the 50-year-old previously planned to sell the shares on Sept. 14 to allow the options bill to expire next year. to help reduce it.
Musk did not immediately respond Businesshala’ Comment request.
Tesla shares were up 2.7% on Wednesday after closing at about $1,068 per share.