Tesla Inc. chief executive Elon Musk said on Wednesday he had “almost completed” his stock sales after selling more than $ 15 billion for more than a month.
The billionaire had made confused statements about whether or not he could do away with his stated goal of selling 10 percent of his Tesla shares.
“I sold enough shares to hit around 10% plus options exercises and tried to be extremely literal here,” he said in an interview with conservative satirical site Babylon Bee on Tuesday. .
But on Wednesday, he suggested he might not be done. “This assumes the completion of the 10b sell,” he tweeted, referring to his pre-set sell plan tied to his options.
“There are still a few installments left, but almost done,” he tweeted later.
Under the rule 10b5-1 trading plan put in place in September, he exercised stock options that expire next year and sold part of the shares to pay taxes, according to documents from You’re here.
After a spate of selling, Musk still has around 1.5 million stock options that expire in August of next year.
Tesla shares ended up 7.5% to $ 1,008.87, valuing the company at just over $ 1,000 billion.
Musk said on November 6 that he would sell 10% of his stake if Twitter users were okay with it. Tesla shares, which had come close to record highs, lost about a quarter of their value soon after.
Musk sold an additional 934,091 shares on Wednesday, bringing the total he unloaded to 14.77 million, or nearly 90% of the roughly 17 million shares he was scheduled to sell.
When asked if he sold because of the Twitter poll, he said on Tuesday he had to exercise stock options that expire next year “whatever.” He added that he had sold additional “extra shares” to reach nearly 10 percent.
Of the 14.77 million shares sold, 9.34 million were sold to pay taxes related to the exercise of its options, according to Tesla Securities filings.
Musk, who moved the company’s headquarters from California to Texas earlier this month, also criticized California for “over-taxation” and “over-regulation.”
“California was once the land of opportunity and now it’s (…) more and more the land of some kind of over-regulation, over-litigation, over-taxation,” he said, adding that he was “increasingly difficult to get things done” in California.
On Sunday, he said he would pay more than $ 11 billion in taxes this year.
He said his personal tax rate exceeded 50 percent, which would include federal and state income taxes.
Musk said last year he moved from California to Texas, where he is not subject to state income tax.
Musk also said the “metaverse,” which describes shared virtual environments, is unconvincing, adding that playing video games with eye protection can cause motion sickness. “Of course you can put a television on your nose. “
“I think we’re a long way from disappearing in the metaverse. It just sounds like a buzzword.