Tesla CEO Elon Musk — the richest man in the world — sold $1.1 billion worth of stock in his company on Wednesday to cover a massive tax bill on his expiring security options exercise.
Musk acquired 2.2 million shares of the electric car company at the price of $6.24 and quickly dumped more than 900,000 for about $1,200 each.
In 2012, Musk was given the option of buying 26 million shares of Tesla at the heavily-discounted price if he met goals set by the company’s board of directors, according to Fortune.
The options expire next year, which reportedly leaves him owing $12.5 billion in taxes.
Read more at NY Post.
{Matzav.com}
