Elon Musk, the man behind Tesla Inc.’s success stories and one of America’s most brilliant entrepreneurs, has sold off nearly $10 billion worth in 4 weeks. To be like Elon’s Musk, you will need the best app for stock trading to avoid risks. No one wants to make losses, and Elon Musk is such a person.
The world’s richest person got rid of more than 934K shares worth about $1B in the latest transactions. He sold off stock in the electric-car maker for the fourth time. This was according to the regulatory filings. The purpose was to help Musk offset taxes on exercising 2M options. Experts say this move will make him even more prosperous.
Musk has finally revealed his plans to sell shares of Tesla. He first asked Twitter users on Nov 6 whether he should offload 10% worth about $10 billion and then announced that this was something they would likely support if their responses were favorable – which indeed turned out to be true. He said the idea was as a result of pressure from politicians and the media who talked of the rich not paying taxes on unrealized profits.
The CEO said months earlier he planned an end-of-year sale plan before heading into what we know now as “the tweet.” However, Musk did not talk about the giant tax bill he was facing even though he sold lots of shares.
To sell 10% of his stake, Elon Musk would need to part with some 17 million shares.This was at the time of the poll. If you include all of the exercisable options in this equation, that means he’ll be giving up about 1.7 percent or just over two-thirds.
Elon Musk is considering selling $2 billion worth of Tesla stock. If he does, it could end up saving him around 31% in taxes from just leaving California for Texas last year – a move that was primarily motivated by his desire to lower-income and capital gains rates there.
The carmaker announced earlier this week that it had officially moved its headquarters to the factory in Austin, Texas. Musk made an interesting decision and said he was glad his company would no longer be headquartered in California-a state that is known to tax the highest when it comes to the wealthy. On the other hand, Texas has no state income tax or capital-gain tax on individuals.
The reason he gave was because of all those regulation changes made by government officials, which have been very inconsistent over time. He said the most important thing for him was setting up a shop near where many significant developments are taking place, such as SpaceX.
Elon Musk is the richest man globally, and his wealth has continued to grow this year. The Bloomberg Billionaires Index lists him as having a $284 billion fortune-nearly double what it was just last month. His rise can be attributed mainly to Tesla shares, whose value has gone up by 54%.