Tesla shares climb towards $ 1,000: Musk sells Tesla shares again for around half a billion dollars
Tesla boss Elon Musk is making further progress with his sale of shares in his company.
The entrepreneur again sold shares in the electric car maker, as is evident from a mandatory notification to the US Securities and Exchange Commission. Accordingly, Musk sold more than 583,600 Tesla shares for 528 million US dollars (about 468 million euros). The billionaire has now cashed around 13.5 million Tesla shares worth a good 14.1 billion dollars (12.5 billion euros).
At the beginning of November, Musk agreed to sell a tenth of his shares in the electric car manufacturer via a vote on the Twitter platform. Since then he had sold papers on a large scale several times. In order to fully meet the commitment, around 3.5 million shares are missing, from which the Tesla boss has yet to part.
Musk had Twitter users vote whether he should part with ten percent of his Tesla shares in order to pay more taxes. The 10 percent corresponds to around 17 million Tesla shares. Musk is Tesla’s largest single shareholder. Since Musk began selling shares in early November, Tesla stock has come under pressure, losing more than a fifth in value. The annual growth rate is currently 33 percent.
The Tesla boss’s fortune has also shrunk in the past few weeks due to the share price fall. According to Bloomberg calculations, it is around 245 billion dollars; in mid-December it was around nine billion dollars more. Musk’s wealth is largely based on equity stakes, which are not taxed until they are sold. In a Twitter message over the weekend, Musk announced that he would be expected to pay more than $ 11 billion in taxes this year.
Musk’s stake in the electric car maker remains at over 17 percent despite the sales. The boss of the VW rival keeps getting new papers through a stock option program. However, according to his own statement, he does not receive a salary for the management of the company.
Tesla rise towards $ 1,000 – Musk statements
The papers from Tesla expanded their previous day’s profit in the middle of the week and, with a plus of 6.41 percent, took course again towards the round mark of $ 1,000.
CEO Elon Musk once again sold his own shares in the electric car manufacturer, according to a mandatory notification to the US Securities and Exchange Commission. Accordingly, Musk sold more than 583,600 Tesla shares for 528 million US dollars. He has now cashed around 13.5 million Tesla shares.
At the beginning of November, Musk had voted on Twitter whether he should part with a tenth of his Tesla stake in order to pay more taxes. The majority of Twitter users answered “yes”. As a result, Musk’s stock sales put the price under constant pressure. In order to fully meet the commitment, around 3.5 million shares are missing, from which the Tesla boss has yet to part.
However, Musk told the satirical website Babylon Bee on Wednesday that he had now achieved the goal of selling more than ten percent of his Tesla shares. This could be a reason for the current strong price increase. The selling pressure is likely to subside in the future and investors could focus more on fundamentals again, said an analyst.
/ tav / men / stk
NEW YORK (dpa-AFX)
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