Elon Musk says he is ‘almost done’ selling Tesla stock

[OZER]

'There are still a few tranches left, but almost done,' the Tesla CEO wrote on Twitter.



Tesla Inc Chief Executive Officer Elon Musk, who has sold more than $15bn worth of shares in the company since early November, said on Wednesday that he was "almost done" with his stock sales.

The billionaire had made confusing statements as to whether he might or might not be done with his stated goal of selling 10 percent of his Tesla shares.

"I sold enough stock to get to around 10 percent plus the option exercise stuff and I tried to be extremely literal here," he said in an interview on Tuesday with conservative satirical website Babylon Bee.

But on Wednesday he suggested he might not be done. "This assumes completion of the 10b sale," he tweeted, referring to his prearranged sales plan related to his options.

"There are still a few tranches left, but almost done," he tweeted later.

Under the Rule 10b5-1 trading plan set up in September, he has exercised stock options that expire next year and sold a portion of the stocks to pay taxes, according to Tesla filings.

Following a flurry of sales, Musk still has about 1.5 million stock options that expire in August next year.

Tesla shares extended gains, rising more than 5 percent on Thursday after ending 7.5 percent higher than the previous session.

'Land of overtaxation'
Musk said on November 6 that he would sell 10 percent of his stake if Twitter users agreed. Tesla shares, which were hovering near record highs, lost about a quarter of their value soon after.

On Wednesday, Musk sold another 934,091 shares, bringing the total he has offloaded to 14.77 million — nearly 90 percent of the 17 million or so shares he has been expected to sell.

Asked whether he sold because of the Twitter poll, he said on Tuesday he needed to exercise stock options that expire next year "no matter what". He added that he sold additional "incremental stock" to get near 10 percent.

Of the 14.77 million shares sold, 9.34 million were sold to pay taxes related to the exercise of his option, according to Tesla's securities filings.

Musk, who moved the company's headquarters from California to Texas earlier this month, also criticized California for "overtaxation" and "overregulation" in Tuesday's interview.

"California used to be the land of opportunity and now it is...becoming more so the land of sort of overregulation, overlitigation, overtaxation," he said, adding it was "increasingly difficult to get things done" in California.

On Sunday, he said he would pay more than $11bn in taxes this year. He has said his personal tax rate tops 50 percent, which would include federal and state income taxes. Musk said last year that he relocated from California to Texas, where he faces no state income tax.

Musk also said the "metaverse", which describes shared virtual environments, is not compelling, adding that playing video games with goggles can cause motion sickness. "Sure, you can put a TV on your nose."

"I think we're far from disappearing into the metaverse. This sounds just kind of buzzword-y."

[nivlego]

Ah "what goes up"... must go down. Not sure when I picked up that little gem. I seem to remember it was relevant at the time. It will be grand though...grand that is unless you've been playing with those nasty communists that is. Ya haven't...have you? In that case, how did Xi put it so eloquently..."ya play with fire...and you'll get burned" ...and if you have been (playing with the communist) ya deserved everything ya get so...

[Zeather]

The better question is can the US stop infiltration from communism.

[Danman132]

$Super ..SuperFarm (20x) NFT +Gaming and soon Metaverse.. Ellio is the Founder

[djtmxmfh7110]

Let's go Brandon

[zuez_man]

For those that do not know the federal reserve is not a government entity. Of course this  doesn't tell you that because they love to lie and keep people misinformed.

[Ghostrecon222]

Why is  not being exuberantly bullish???  WHO BROKE   Someone FIX him - FAST!  I need the Knicks to cover the spread in a big big way!

[exieexigency]

They're talking about run-of-the-mill inflation driven by wage-price spirals, and saying that's how you get an inflationary spiral. In my mind, that's not the only way. We have a fiat currency and it's value is really derived from people's faith in it's value. You can print money and encourage borrowing etc, but much like stock market bubbles, there is a tipping point in there when all the feedbacks turn from negative to positive.  Normally, you hold money, it holds it's value, there's no real push to gain or spend it. If you think inflation is going to increase, it now becomes a hot potato that you want to spend as soon as you get it. You do this by buying useful assets like houses, land, food, things you need. When everyone does this it drives up the price, which would normally dampen demand, but if the expectation that money will continue losing value and the price will only increase, then the price doesn't matter anymore. Sellers can ask arbitrarily high prices. But who's going to sell into this and accept that money? Thus supply goes down at the same time demand goes up, further exacerbating the situation.  The government has been pumping new money into the economy to try and stimulate it, yet velocity stays low. Who needs to spend all that money under normal circumstances? But what happens when it all starts losing value? All that "cold" money suddenly turns hot, and the *effective* money supply suddenly increases. Meanwhile, everyone is also incentivized to borrow as much as possible to "short" the currency, further increasing the supply. But who wants to lend into this? The credit market slows, and the government steps in as "lender of last resort" again....using printed money.  Meanwhile, the massive amounts of money tied up in the stock market suddenly need a new home. I mean, who wants to hold a stock when all you can get out of it is increasingly worthless money. You paper gains are impressive, but it's only a reflection of the fact your asset is losing value, because the only value it has is denominated in dollars (rather than any kind of tangible use).  I mean it goes on and on. Wage-price spirals may be a part of 'normal' inflation but they don't really play into hyperinflation.

[The_redviper]

Everything is bubble no place is save to invest your money

[seem]

Short it then, if you believe it will pop

[combustion]

Inflation is real because the pandemic slowed consumption. The BBB can stifle inflation if given the chance.

[psychological]

These regulators don't stand for Americans they refuse to

[Stracci]

More Tesla Fud  laughing all the way to the bank

[hachmann]

GME AMC

[colony00]

Interesting Timing Don't Ya Think