Elon Musk cuts his stake in Tesla and pays $ 11 billion in taxes

  • Elon Musk faces the final stretch of selling Tesla shares to reduce his stake in the company by 10% after placing 14.7 million titles for $ 14.1 billion.

  • After being named ‘Person of the Year’ by the magazine TIME, Senator Warren accused Musk of not paying taxes, so the manager announced that this year he will pay 11,000 million dollars in taxes.

It is being a ‘busy’ end of the year for Elon Musk, CEO of Tesla. The South African entrepreneur is finalizing the process of selling the 10% his Actions from Tesla for more than $ 15 billion. This operation comes as a result of a survey published by Musk himself in Twitter in which his followers voted in favor of it, although it has a deeper objective. According to the same manager, he has already sold more than 14.7 million shares, of the 170.5 million he owned, for more than 14,100 million of dollars and has already “almost finished” the process of selling titles.

Asked if the decision to sell part of his shares depended on the results on Twitter, Musk revealed that he had to exercise stock options this year out of obligation because they expired in 2022. According to Bloomberg, are more than 15 million of options on company securities those exercised by Musk. The parallel sale of securities responds to the need to pay taxes associated with purchase options. According ReutersOf the 14.7 million shares sold, 9.34 million were dedicated solely to paying such taxes.

Since last November 8, the date on which Musk began to sell part of its shares, the value of Tesla the stock market has risen by 4,25% reaching the $ 1,067 per share. The total capitalization of the company exceeds one trillion dollars, placing in US stocks at the ‘Trillion Dollar Club‘ beside Apple, Amazon, Microsoft, Saudi Aramco Y Petro China. They are, in total, 1,072 billion dollars, 945,600 million euros.

While Musk was in charge of this operation, TIME magazine awarded him the title of ‘Person of the Year’ after growth of two of its companies, Tesla Y SpaceX, who have helped him skyrocket his fortune to surpass Jeff Bezos, founder of Amazon, and rank as the richest man in the world with a net worth valued at 282,000 million dollars. Just two days later, the Financial Times It also named the Tesla executive ‘Person of the Year’ for his contribution to the transformation of the automotive industry.

Record taxes

After both recognitions, the senator for Massachussetts Elizabeth Warren pulled Twitter to show your disagreement with the choice of Musk as ‘Person of the Year’ by the magazine TIME and accuse you of not meeting your tax obligations. “Let’s change the rigged tax code so that Person of the Year really pays taxes and stops taking advantage of everyone else,” Warren said on the social network.

Little took Elon Musk, found in Twitter her comfort zone, in responding directly to the senator to confirm that this year she will pay more than $ 11 billion in taxes, 9,767 million euros, a record amount that would place him as the American who has paid the most money in taxes in history. Shortly after he gave an interview on the website Babylon Bee in which he added more fuel to the fire. “I will pay this year, literally, the highest figure in taxes in history and she does not pay taxes. In addition, her salary is paid from taxpayers like me. If someone could die of irony, she would be dead,” he closed.

Related news

With everything, Musk ensures that he dedicates more than 50% of your income to taxes, broken down between federal and state taxes. That is why the CEO of Tesla decided this year to change the headquarters of the brand from Palo Alto, California, a Austin, Texas. At the company’s new home, Musk will not have to pay state taxes. “California used to be the land of opportunity and now it’s becoming the land of regulations, litigation and taxes,” Musk said in an interview.

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Elon Musk cuts his stake in Tesla and pays $ 11 billion in taxes