December 8, 2021

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Elon Musk sells Tesla shares for 43 billion NOK - E24

Elon Musk sells Tesla shares for 43 billion NOK – E24

The Tesla founder sold shares for the first time since 2016. The sale comes after his Twitter followers said yes to the sales share this weekend.

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Update: Documents sent to the FSA show that Musk sold a total of $5 billion in stock in three days this week. Exercise the holding of options on a Monday before selling the shares on the same day and the following two days. He writes for many American media, including The Wall Street Journal. The amount corresponds to 43 billion Norwegian kroner.

The world’s richest man, Elon Musk, has sold shares in electric car company Tesla, she recently showed Documents Sent to the US Financial Supervisory Authority, at night until Thursday Norwegian time.

Musk sold about 934,000 shares in the company on Monday. In total, sales amounted to about $1.1 billion, equivalent to 9.5 billion crowns.

This is the first time since 2016 that an electric car entrepreneur has sold shares in the company.

“The shares were sold only to meet tax credit obligations for the amount (editor’s note by Elon Musk) related to the exercise of stock options to purchase 2,154,572 shares,” the report read.

This means that Musk sells the stock in order to pay the tax he incurs by exercising the stock options. He returned in 2012 to grant a slew of options to buy $6.29 shares, which expire in August of next year, according to Bloomberg.

According to the sales announcement, Monday’s deal went according to plan made as early as September 14. Bloomberg writes that it is common for US managers to sell shares via such plans to avoid ending up in situations where one could be accused of insider trading.

Twitter poll

On Saturday evening, Musk asked his Twitter followers if he would sell 10 percent of the company’s stock.

There has been a lot of talk that unrealized gains on stocks are a way to evade taxes, so I’m proposing to sell ten percent of my Tesla stock, Musk wrote on Twitter, sticking to President Joe Biden’s plan to tax billionaires in the United States.

When the vote was taken the next day, 57.9 percent voted in favor of selling the shares. Musk then replied that he was prepared for both outcomes.

Although Musk has already laid out a plan to sell the shares in September, it is not known whether he will sell the shares on Monday regardless of the outcome of the vote. These sales plans often contain a number of conditions that must be met in order for the plan to be implemented. These do not need to be published, according to Bloomberg.

After a Twitter stunt this weekend, Tesla shares fell sharply on Monday and Tuesday. A total of 1,700 billion NOK has been deducted from the company’s market value.

On Wednesday, however, the mood was much better. The stock rose about 4 percent in regular trading. After it became known Thursday night that Musk sold some shares, the stock rose another 2.6 percent in aftermarket services, before closing at 02.00.

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The richest in the world

Elon Musk is considered the richest person in the world, after Tesla’s share has risen more than 1,100 percent since the start of 2020.

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Bloomberg Billionaires Index On Thursday evening, it was estimated that he had an estimated fortune of $299 billion, equivalent to 2.585 billion kroner.

About 60 percent of the estimated wealth comes from Musk’s shares in Tesla. Thus these are paper values ​​in practice, not freely usable money.

After Monday’s deal, Musk still controls more than 170 million shares of Tesla, according to CNBC. Thus, it is more likely that he would sell more shares, if he were to sell Twitter followers yes 10 percent of the holding.