Elon Musk, Tesla CEO and founder of Tesla Motors Inc. stated that he has sold enough stock to achieve his goal to sell 10% more shares. This was according to an interview published Tuesday.
Following his own move in January, the billionaire relocated the company’s headquarters to Texas from California.
Musk said he will pay roughly $11 billion taxes this year, potentially the largest individual payment to the Internal Revenue Service, following a bitter war of words with Massachusetts Senator Elizabeth Warren over his taxes.
Tesla shares lost 25% after Musk announced on Nov. 6, that he would be selling 10% of his stake to those who agreed.
Musk also sold 583,611 more shares Tuesday for an average of $900. This makes them just above $528million according to an SEC filing.
Tesla CEO Elon Tesla said that he’d sold enough shares to fulfill his plans to sell 10% more of his stake in the company’s top-selling car brand.
The total amount of shares that he has sold now stands at 13.5million, or 80 percent of his original plan.
Musk has made more than $14 billion in the sales, MarketWatch reported.
Musk, however, has exercised options for 16.4million stock options worth close to $6.24 each share. This means that he has been growing his stake in the electric auto maker.
He stated that he had sold enough stock for around 10% plus option exercise stuff.
Responding to a question about whether or not he was selling the stock due to the twitter poll, he stated that he must exercise the stock options expiring next year.
He added, “Incremental Stock” to bring him close to 10%.
8.06 Million of 13.5million shares were sold in order to pay taxes related his option exercise.
Musk stated on Twitter on Sunday that he would be paying more than $11 trillion in taxes for the year.
“California was once the land that offered opportunity, but now it’s… more of a land of kind of overregulation and overlitigation. Overtaxation is becoming more common in California,” he stated, noting that it’s getting harder to do things.
Calculations by Bloomberg News suggest Musk’s tax bill could be the largest individual payment to the Internal Revenue Service this year.
It comes amid claims that Musk ‘paid nothing’ in federal income taxes in 2018 and less than $70,000 in 2015 and 2017.
Sen Warren dubbed Musk ‘the world’s richest freeloader’ amid a row over the billionaire’s taxes.
Musk addressed her concerns by stating that he would pay more taxes this year than any American ever in history.
Musk and Warren began their war over words after Musk was announced as the Person of Year by Time Magazine.
This is after Warren (pictured), who was called Musk “the world’s wealthiest freeloader” during a battle of words about Musk’s tax returns
Senator Elizabeth Warren attacked Telsa CEO Elon Musk, after the 2021 Persona of Year award by Time Magazine. He should pay his fair share.
Warren said last Monday that he wanted to change the tax code and make sure The Person of the year pays taxes.
Musk quickly responded, writing “Stop Projecting” and naming the former law professor and politician “Senator Karen”.
Musk stated, “You remind of me when I was little and my mother would just randomy yell at people for no reason.”
“Please do not call Senator Karen the manager.
He also shared a link to a Fox News opinion article claiming Warren lied about having Native American heritage to benefit from affirmative action.
But in an interview with MSNBC on Wednesday, Warren clapped back, calling Musk ‘the world’s richest freeloader,’ and claiming he ‘evidently has a very thin skin’.
“But, you know what makes me mad about this?” She continued.
It’s for every teacher in public schools, waitresses and computer programmers. Every street cleaner that actually paid taxes. This means they were more tax-paying than Elon Musk.
“And that’s not right. It means the system has broken.
“But those days are gone when men get to not only rake the dirt but also rub everyone else’s noses in it as they go off into space. They can then declare that they made this feat all by themselves when they had been subsidized and paid by all waitresses and teachers in public schools.
She concluded that Elon Musk should eat big portions of this dish because it is wrong.