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Elon Musk Will Schedule to Sell 10% of His Tesla Stock After Twitter Poll Closes – TechEBlog

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Elon Musk has always thought out of the box, and that includes making decisions about his company, or at least in this case. Why did the question come about? Well, the U.S. Senate Democrats announced a proposal to tax billionaires’ stocks and other tradable assets that previously allowed them to defer capital gains taxes indefinitely. Musk currently owns 170.5 million shares of Tesla, so 10% would equate to around $21 billion based on Friday’s closing price. Read more for two videos and a bonus.

 

If you include stock options, Elon Musk would technically own a 23% stake in Tesla, whose market cap recently toppled the $1-trillion mark, and this isn’t including Space X or the Boring Company. Kimbal Musk may have gotten word of the announcement early, as he disposed of 88,500 Tesla shares on Friday, netting him over $100-million. The main reason for him selling is that he has stock options that are set to expire in months, so to pay the tax bill on these gains would require him to either borrow against Tesla or sell some of his shares.

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