Why is Elon Musk paying more taxes than he needs to, reveals Tesla (TSLA) investor

-

-Advertisement-

Sweet November is not turning out to be so sweet for Elon Musk as he is facing both criticism and praise for selling his Tesla (TSLA) stock and paying multi-billion dollars in taxes.

On Sunday 7th Nov, the Tesla CEO started a Twitter poll inviting everyone to vote on if he should sell 10% of his Tesla stock. Surprisingly, 57.9% of the total of 3,519,252 votes were in favor of selling his TSLA shares.

Elon Musk's poll tweet asking for votes if he should sell 10% of his Tesla stock.
Elon Musk’s poll tweet asking for votes if he should sell 10% of his Tesla stock. Source: Elon Musk / Twitter.
Tesla Accessories by EVANNEX.
– Sponsored –

As Musk stated in a later tweet that he will abide by the results of this poll, he started selling his TSLA shares the next day. He sold both Tesla common shares and the ones he received as part of his performance package as the CEO of the company.

Till yesterday, Musk sold a total of 1,868,182 of his performance package exercised shares. Interestingly, he sold them in two equal batches of 934,091 on both Mondays after the poll results came in.

For the common shares, Musk has sold a total of 5,427,784 shares as of yesterday. This brings the grand total of sold Tesla shares by Elon Musk to 7,295,966 as of Monday 15th Nov 2021.

The breakdown of Tesla (TSLA) shares sold by Elon Musk as of Monday 15th Nov 2021.
The breakdown of Tesla (TSLA) shares sold by Elon Musk as of Monday 15th Nov 2021. 57% of the total 17M shares he has to sell. Credit: Dave Lee / Twitter.
– Advertisement –

Dave Lee, who has been a Tesla investor since 2012 and is also a stock investment analyst with his own YouTube channel and a prominent following on Twitter thinks Musk is paying more taxes than he actually needs to at this time.

Dave explains in the following Twitter thread and podcast that it’s surprising that Elon Musk has chosen to pay a higher amount of taxes rather than opting for a lower number with his pattern of selling TSLA shares.

– Advertisement –

The Tesla share price did tumble during the last week as Elon Musk started to sell his shares for paying taxes and also probably his loans that he took out for personal expenses. But today, TSLA has started rallying again. As of this writing, a Tesla share is trading at $1,044.86 USD while the market closed at $1,013.39 on Monday yesterday.

Elon Musk also revealed that with time, his ownership of Tesla, Inc. is diluting. There are two main reasons for this dilution, the constant need for capital for growth and every Tesla employee getting stock after working 1 year at the company.

“I had majority control for the first 5 years or so of Tesla, but car companies need lots of capital, so now I’m around 20% or so, despite putting in as much as I could along the way,” he explained in a tweet.

And now Tesla has around 100,000 employees globally and still expanding with Giga Berlin and Giga Texas.

Stay tuned for constant Tesla updates, follow us on: 
Google News | Flipboard | RSS (Feedly).

Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

Latest News

Tesla introduces Sport Seats for Model S Plaid designed for high G-force cornering

Tesla (TSLA) introduced newly designed seats for the Plaid variant of the Model S sedan earlier this week. These...

The true story of how FSD V12 helped a Tesla owner reach hospital and saved his life

A Tesla Model Y owner from Asheville, NC shared his amazing experience of how Full Self-Driving V12 helped him...

Elon Musk to visit India soon and primarily focus on sustainable energy, not Tesla cars

Tesla (TSLA) CEO Elon Musk hinted that he intends to meet Indian Prime Minister Narendra Modi soon. He released...

Elon Musk discloses the Tesla Robotaxi unveiling date — know what to expect from the event

Tesla (TSLA) CEO Elon Musk posted the unveiling date of Tesla Robotaxi on his social media platform X (Twitter)...
- Advertisement -

Flight 4 Starship goes through 2nd static fire test, OLM gets repairs at Starbase, more

SpaceX conducted the 1st static fire test on Starship 29 (Ship 29) on Monday in preparation for the next...

Watch Starship Flight 3 (IFT-3) live stream recording and live updates from the SpaceX Starbase launch site

SpaceX has started live-streaming the Starship Flight 3 (IFT-3) launch and liftoff official coverage (watch below). We will be updating...

Starship Flight 3 (IFT-3) date falls on SpaceX’s 22nd foundation anniversary, FAA approves the launch

According to Elon Musk, SpaceX will attempt to fly the Starship for the 3rd time from Starbase, Texas in...

Tesla Tips & Tricks

Here’s how to access the Cybertruck tow hitch — watch it haul a 3,000lbs Brawley EV

Tesla Cybertruck has a rated towing capacity of 11,000...

Here’s how to clean jeans stains from white seats of your Tesla Model S, 3, X, or Y

The white interior is the most popular option among...

Tesla Quarterly Reports & Eearnings

Tesla (TSLA) vehicle deliveries drop in Q1 2024 by 20% QoQ — but it still did better than BYD

Tesla, Inc. (TSLA) announced its Q1 2024 vehicle production...

Tesla (TSLA) achieves the 1.8 million vehicle delivery target for 2023 with a record-breaking quarter

In a press release yesterday, Tesla (TSLA) announced its...
- Advertisement -

You might also likeRELATED
Recommended for You