Science

Tesla: Elon Musk Sold Nearly $ 7 Billion In Stock In One Week

Tesla boss Elon Musk this week sold more than $ 6.9 billion in shares of his company, or 6.03 billion euros, according to documents released Friday by the Securities and Exchange Commission (SEC). the US market regulator.

As the person himself has explained, he does not receive a salary. Selling his shares is therefore a way for Elon Musk to pay his taxes. But this operation is not without risk either.

Before the launch, the CEO of Tesla had also decided to publish a survey on the social network Twitter. In fact, Elon Musk had approached Internet users directly to ask if he should sell “10% of his shares in Tesla,” his electric car company. Some 3.5 million users had voted in this way and 57.9% of the votes had responded positively.

Two days after that survey, the company’s shares had fallen 15.4%. But as the BBC’s website reminds us, “Tesla is the world’s most valued automaker, with a market value of more than $ 1 billion.”

On Friday, Elon Musk sold 1.2 million shares held by his trust, worth more than $ 1.2 billion (1.05 billion euros), as specified in documents released by the SEC. This is also in addition to the sale of 3.6 million shares worth $ 4 billion (3.50 billion euros) and an additional 934,000 shares for approximately $ 1.1 billion or more than 961 million euros.

$ 1.4 billion will be taxed

In total, Elon Musk therefore sold more than 5.1 million shares of the electric vehicle manufacturer, of which about 4.2 million were deposited in a trust (3.67 million euros). In this way, approximately 1,400 million dollars (or 1,220 million euros) in capital gains tax will be deducted from the 6,900 million dollars (6,030 million euros) that Elon Musk earned from the sale of his shares. this week. A significant value, since it is one of the most important transfers ever observed in such a short period and without the sale being constrained or framed in an inheritance.

And while Elon Musk could have sold his shares at an even higher price prior to his tweet, it should be noted that the South African man had already initiated the sale of at least some of these shares based on a pre-established trading plan. from September 14, as the documents also specify. It appears that your decision to sell to pay your taxes has already been made, especially since the American Democrats recently proposed “a multi-million dollar tax” that could tax the wealthiest on their “unrealized gains.”

Meanwhile, the documents filed with the SEC this Friday, recall that Elon Musk still holds at the end of the operation, 1.22 million shares of Tesla in open access (1.07 million euros)., As well as another 166, 2 million housed in a trust. (or 145.24 million euros), whose total value is estimated at 173 billion dollars (or approximately 151 million euros). This contributes to making the fiftieth the richest man in the world, thanks to a total fortune amounting to $ 281.6 billion, or € 246 billion.

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