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Tuesday, December 7, 2021

Elon Musk offloads $1.1 billion value of Tesla shares after Twitter ballot troll

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Over the weekend, Elon Musk made headlines by tweeting, as he typically does, and in one of many tweets, proposed selling 10 percent of his stock in Tesla. On the time, he said, “I’ll abide by the outcomes of this ballot, whichever method it goes.” Now, SEC filings (1, 2) reveal the exec has exercised his choices on over two million shares of the automaker and bought 934,091 of them (by way of CNBC). On the firm’s present valuation, the shares he bought are value about $1.1 billion.

So did he do it as a result of somebody on Twitter voted in some way? On this case, no, as a result of as analyst Matt Levine points out, the paperwork reveal the plan for this sale has been established since September 14th.

As we informed you over the weekend, Musk’s compensation plan granted him a variety of shares that had been as a result of expire in 2022. To train that grant, he might want to promote about $15 billion in shares, as he described in detail at the Code Conference on September 28th, two weeks after arranging this sale. At the moment, Musk said, “I’ve a bunch of choices which can be expiring early subsequent 12 months, so an enormous block of choices will promote in This fall. As a result of I’ve to, or they’ll expire.”

The monetary advantages and penalties that apply to Musk imply Wednesday’s sale shouldn’t be the final one — and regardless of Musk’s edgelord persona, it doesn’t matter what you say on Twitter about billionaires and taxes.

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