IT Home News on December 29, according to the SEC documents of the Us Securities and Exchange Commission, Tesla CEO Elon Musk sold 934,090 tesla shares on December 28, local time, with a valuation of $1.02 billion.
IT House understands that Musk has sold about 15702784 shares of Tesla stock since November 8, accounting for 92.09% of the number of shares it previously promised.
At the close of trading on Tuesday, Tesla was quoted at $1088.47, with a market capitalization of $1.09 trillion.
Tesla documents show that under the 10b5-1 rule trading plan set out in September, Musk has exercised stock options that expire next year and sold some of his shares to pay taxes.
After a series of sell-offs, Musk still has millions of stock options that will expire next August, with further sales expected after that.
According to a Poll conducted by Musk on Twitter in November, he plans to sell a 10% stake in Tesla. At the time, he had slightly more than 170 million shares of Tesla stock, so theoretically he planned to sell about 17 million shares to make good on his promise on Twitter.
IT Home learned that in 2012, two years after Tesla's listing, Tesla's board of directors gave Musk the task of achieving 10 operational goals, each of which was achieved, and for every $4 billion increase in the company's market value (the market value target exceeded that of traditional car companies, 32+40×10=432>350), Musk was given 0.5% of the stock options, a total of 5%. Musk later achieved all of his performance goals except gross margin and eventually received 26.34 million options.
Because the options will expire on August 13, 2022, Musk must execute the options before that, that is, turn the options into stocks. With the options in his hand, Musk could buy 26.34 million shares of Tesla stock for $6.24. That is, spending $164 million (624×2634 = 1.64), based on Tesla's current stock price of about $1,000, the equity value is about $26 billion.
But the IRS believes that this part of the option is Musk's income and needs to be taxed like a salary. The total taxes Musk needs to pay for options is about $15 billion, and while Musk is the world's richest man, it's hard to come up with that much money at once.
On November 6, Musk tweeted that he would reduce his 10% (about 17 million shares) of Tesla stock if users voted to agree. 58% of users expressed support, so Musk officially launched the reduction.