After promise, Musk sells $1.1B in Tesla shares to pay taxes

3 years ago 320

Jae C. Hong/AP

FILE - In this March 14, 2019, record photo, Tesla CEO Elon Musk speaks earlier unveiling the Model Y astatine the company's plan workplace successful Hawthorne, Calif. Musk is asking connected Twitter whether helium should merchantability 10% of his banal successful the electric-vehicle institution amid unit successful Washington to summation taxes connected billionaires similar him. (AP Photo/Jae C. Hong, File)

Posted at 9:04 PM, Nov 10, 2021

and past updated 2021-11-10 22:04:34-05

DETROIT (AP) — After promising connected Twitter, Tesla CEO Elon Musk has sold astir 900,000 shares of the electrical car maker’s stock, netting implicit $1.1 cardinal that volition spell toward paying taxation obligations for banal options.

The sales, disclosed successful 2 regulatory filings precocious Wednesday, volition screen taxation obligations for banal options granted to Musk successful September astir 2 months earlier helium floated the merchantability connected Twitter.

He exercised options to bargain conscionable implicit 2.1 cardinal shares for $6.24 each.

The company’s banal closed Wednesday astatine $1,067.95 per share.

The transactions were “automatically effected” arsenic portion of a trading program adopted connected Sept. 14 to merchantability options that expire adjacent year.