Tesla Inc (NASDAQ: TSLA) said Wednesday on Twitter that it will not sell shares in the automaker unless it has any other choice.
What happened: The entrepreneur made his comment in response to a tweet. Musk said he only sells Tesla shares when “my stock options expire and I have no choice.”
Exactly. I only sell Tesla shares when my options expire and I have no choice.
Incidentally, I will continue to pay my California income tax in proportion to the length of time I am in the state, which is and will be significant.
– Elon Musk (@elonmusk) June 9, 2021
Musk also said that he sold all of his homes except one in the Bay area, which is “leased for events.”
Musk said in separate tweeted that he was working on “sustainable energy for Earth with Tesla and protecting future consciousness by making life multi-planetary with SpaceX.” Plus, AI risk mitigation with Neuralink and traffic fixes with Boring. “
Tesla shares closed 0.8% lower at $ 598.78 in the regular session on Wednesday and fell another 0.13% after hours.
Why is it important: Musk’s comments follow controversy over a ProPublica report, which says several U.S. executives of billionaire companies, including the CEO of Tesla, have paid virtually nothing in federal taxes in recent years.
The billionaire entrepreneur is at the helm of Tesla and SpaceX, and he is also the founder of Boring Company and Neuralink.
Musk announced on social media last year that he was selling “almost all tangible property” and said he “would not own the home.”
See also: Elon Musk’s mysterious tweets lead to an explosion of cryptocurrencies on the topic of sperm
In April of this year, Musk received a $ 11 billion share option reward. Every time the automaker hits a certain milestone, it is rewarded with stock options. The compensation plan is divided into 12 tranches of 1.69 million shares each.
In May, a Delaware state judge ordered Tesla’s legal team to hand over documents relating to Musk’s board-approved compensation plan for 2018, in response to a shareholder petition in which the automaker was accused of providing Musk with unjust enrichment.
Elon Musk’s brother, Kimbal Musk, sold $ 25.6 million worth of Tesla shares in February this year. He also sold stocks earlier in 2020 and 2019 and made $ 7 million trading the company’s stock in April 2021.
At the time of publication, 19.63% of Tesla is owned by insiders.
Read more: Elon Musk emphasizes self-confidence from a young age and rejects the alleged family connection with the Emerald Mine
Photo by Heisenberg Media on Flickr
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.