# Tesla CEO Musk says he is ‘almost done’ with stock sales; shares rally Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-12-23 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Elon Musk nears completion of $15 billion Tesla stock sales Meta Description: Tesla CEO Elon Musk is almost done with selling over $15 billion worth of shares after confusing statements on selling 10% of his stake. URL: https://financedigest.com/tesla-ceo-musk-says-he-is-almost-done-with-stock-sales-shares-rallyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-12-22t151511z3lynxmpehbl03crtroptp4tesla-musk-stake-1-1736836541146-compressed.jpg) By Hyunjoo Jin SAN FRANCISCO (Reuters) -Tesla Inc Chief Executive Elon Musk said on Wednesday he was “almost done” with his stock sales after selling over $15 billion worth for more than one month. The billionaire had made confusing statements as to whether he might or might not be done with his stated goal https://www.reuters.com/business/tesla-shares-fall-after-musks-twitter-poll-backs-stake-sale-2021-11-08 of selling 10% of his Tesla shares. “I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here,” he said in an interview https://www.youtube.com/watch?v=jvGnw1sHh9M 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](https://www.financedigest.com/stanchart-weighing-options-including-sale-of-aircraft-lessor-unit.html "StanChart weighing options, including sale, of aircraft lessor unit"). “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](https://www.financedigest.com/novartis-to-spin-off-generics-business-sandoz-next-year.html "Novartis to spin off generics business Sandoz 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](https://www.financedigest.com/musk-says-tesla-price-cuts-triggered-demand-2023-sales-could-hit-2-million-vehicles.html "Musk says Tesla price cuts triggered demand, 2023 sales could hit 2 million vehicles") stock options that expire in August next year. Tesla [shares ended 7.5% higher](https://www.financedigest.com/asia-shares-creep-higher-wary-on-fed-and-boj-outlooks.html "Asia shares creep higher, wary on Fed and BOJ outlooks") at $1,008.87, valuing the company at just over $1 trillion. “OVERTAXATION” [Musk said on Nov](https://www.financedigest.com/musk-to-relaunch-twitters-blue-check-subscription-on-nov-29.html "Musk to relaunch Twitter’s blue check subscription on Nov 29"). 6 https://www.reuters.com/technology/musk-asks-followers-twitter-whether-he-should-sell-10-his-tesla-stock-2021-11-06 he would [sell 10% of his stake](https://www.financedigest.com/intercos-fund-shareholders-l-catterton-otpp-sell-6-stake-at-7-discount.html "Intercos fund shareholders L Catterton, OTPP sell 6% stake at 7% discount") if Twitter users agreed. Tesla shares, which had hovered [near record](https://www.financedigest.com/demand-for-hydrocracker-is-forecast-to-record-a-volume-cagr-of-nearly-7-through-2028.html "Demand for Hydrocracker Is Forecast to Record a Volume CAGR of Nearly 7% through 2028") 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% of the 17 million or so shares](https://www.financedigest.com/zoom-shares-down-90-from-peak-as-pandemic-boom-fades.html "Zoom shares down 90% from peak as pandemic boom fades") he had 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 he sold additional “incremental [stock” to get near](https://www.financedigest.com/oil-near-flat-as-us-crude-stock-draw-contends-with-economic-concerns.html "Oil near flat as US crude stock draw contends with economic concerns") 10%. Of the 14.77 million shares sold, 9.34 million were sold to pay taxes related to his options exercise, according to [Tesla’s securities](https://www.financedigest.com/tesla-to-warn-of-data-privacy-risk-from-car-security-cameras-in-germany.html "Tesla to warn of data privacy risk from car security cameras in Germany") filings. Musk, who moved the company’s headquarters from California to Texas earlier this month, in Tuesday’s interview also criticized California for “overtaxation” and “overregulation.” “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 $11 [billion in taxes](https://www.financedigest.com/walmart-paid-most-of-1-billion-tax-for-phonepe-shifting-base-to-india.html "Walmart paid most of billion tax for PhonePe shifting base to India") this year. He has said his personal [tax rate tops](https://www.financedigest.com/uk-cabinet-was-not-informed-of-plans-to-scrap-top-rate-of-tax-truss-says.html "UK cabinet was not informed of plans to scrap top rate of tax, Truss says") 50%, which would include federal and state income taxes. [Musk said last year he had relocated from California to Texas where he faces](https://www.financedigest.com/elon-musk-faces-skeptics-as-tesla-gets-ready-to-unveil-optimus-robot.html "Elon Musk faces skeptics as Tesla gets ready to unveil ‘Optimus’ robot") no income tax. Musk also said the “metaverse,” which describes shared virtual environments, is not compelling, adding that playing [video games](https://www.financedigest.com/ubisoft-shares-slump-20-after-french-video-game-maker-warns-on-revenue.html "Ubisoft shares slump 20% after French video game maker warns on revenue") 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.” (Reporting by Hyunjoo Jin in San FranciscoAdditional reporting by Ben Klayman in Detroit, Noel Randewich in Oakland, California and Anirudh Saligrama in Bengaluru; Editing by Matthew Lewis, Richard Chang and Jacqueline Wong) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---