Elon Musk this week cashed in almost $7 billion worth of Tesla shares and indicated on Twitter that he is deliberately charging higher sales taxes.
According to the Securities and Exchange Commission, the Tesla CEO sold about 6.4 million shares in five days, bringing in about $6.9 billion.
Our Thai เกี่ยวกับโบรกเกอร์ Exness reported that the sales triggered a 15% drop in the value of the electric carmaker's shares this week, bringing its market capitalisation down by $180 billion.
Musk sold far more of his existing shares than he did of his recently exercised options, even though the shares he already owned would be taxed at a higher rate.
"A careful observer would have noticed that my (low base) stock sale rate far exceeds my $10 billion (high base rate) option exercise rate, which is thus closer to maximising taxes than minimising them," Musk wrote on Thursday.
There are several competing theories as to why Musk is selling shares. A few months ago, the executive noted that he had stock options that would expire in 2022, and that he planned to sell the shares to cover the cost of exercising them and paying taxes.
However, last weekend the Tesla and SpaceX CEO launched a poll on Twitter asking whether he should sell 10% of his shares and promised to stick with the results, which turned out to be positive.
He cited pressure from lawmakers pushing for a "billionaire tax" as motivation for the vote.
Meanwhile, The Big Short's Michael Berry suggested this week that Musk may need to sell shares to pay off personal debts, as the executive had loans against 88 million Tesla shares as of 30 June.
Musk still owns 166 million shares, or about 17% of Tesla's issued shares. If he honours his commitment to sell a total of about 17 million shares and maintains his current level of sales, his sales could continue for another couple of weeks.
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