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Home » The Impact of Selling Tesla Shares Is“close to Maximizing Taxes” Musk Said

The Impact of Selling Tesla Shares Is“close to Maximizing Taxes” Musk Said

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By Youth Daily on 14th November 2021 Culture
Elon Musk Closing the 2016 Tesla Annual Shareholders
Elon Musk, Tesla CEO | Source: Steve Jurvetson, Wikimedia
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After he sold what was worth $7 billion of Tesla shares this week, the billionaire, Elon Musk said that the result of this sale was “closer to tax maximization than minimization.”

On Twitter, someone wrote a suggestion to Musk, that Tesla’s shares will increase if Musk sells options instead of shares.

There's an incorrect narrative that @elonmusk will somehow gain more shares by selling common stock and exercising options. Elon would be much better off NOT selling common stock, and just selling portion of his options instead. Compare scenario #1 and #4 in chart. pic.twitter.com/B5ScCwVFgH

— Dave Lee (@heydave7) November 13, 2021

So Tesla CEO responded by saying:

“A careful observer would note that my (low basis) share sale rate significantly exceeds my 10b (high basis) option exercise rate, thus closer to tax maximization than minimization,”.

A careful observer would note that my (low basis) share sale rate significantly exceeds my 10b (high basis) option exercise rate, thus closer to tax maximization than minimization.

— Elon Musk (@elonmusk) November 13, 2021

Mr. Musk had sold $6.9 billion worth of shares in Tesla until Friday. He took the chance of raising the valuation of the electric vehicle company to over $1 trillion.

  • The Story Behind Elon Musk Career and Wealth Success
  • Tesla Stock Price Drops After Elon Musk Poll to Sell His Shares Was Voted Yes

Due to the huge number of taxes that he should pay, selling some of his stock wasn’t an option. A week ago, Musk tweeted “the most expensive tweet in history” when he asked the followers if he should sell 10% of his Tesla shares. After this tweet musk has lost $50 billion in two days due to a sharp decline in Tesla’s share value. The majority of people who voted said yes to the poll and support the decision of the sale.

#ElonMusk
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2 Comments

  1. James McEnanly (@JMcenanly) on 15th November 2021 2:55 am

    Not only did Elon Musk lose money on this , but everyone who was holding Tesla stock, including Tesla employees. So much for the Democrats being the Party of the Working Man

    Reply
  2. Pingback: A Female Worker Is Accusing Elon Musk's Tesla With Sexual Harassment

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