Elon Musk Sells $1.1 Billion In Tesla Stock After Twitter Poll

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Elon Musk, co-founder and chief executive officer of Tesla, speaks during an event at the Hornsdale wind farm near Jamestown, Australia, on Sept. 29, 2017. MUST CREDIT: Bloomberg photo by Carla Gottgens.
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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}


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