Musk had said before that he would have to exercise a large number of stock options in the next three months, which would pass him a huge tax bill. Selling some of your shares could free up some of the funds to pay taxes. “I only own stocks, so the only way to pay individual taxes is to sell them,” Musk wrote in the entry alongside his polls. “He was willing to accept either of the two results. “
Market agents expected speculators to try to advance their operations. Musk owned about 170.5 million shares as of June 30, and a 10% sale would equal about $ 21 billion, according to Friday’s closing price and Reuters calculations. Including stock options, Musk owns a 23% stake in the world’s most valuable automobile company.
Musk’s poll follows a proposal by U.S. Senate Democrats to tax billionaires’ stocks and other marketable assets to help fund President Joe Biden’s social spending plan and fill a loophole that it allowed the richest to defer taxes on capital gains indefinitely.
Last month, Tesla surpassed $ 1 trillion in market capitalization, becoming the fifth American company to join a club that includes Apple, Microsoft, Amazon and Alphabet.
“The slide is not going to last long because Tesla has had a phenomenal track record of recovering from these types of sell-offs,” said David Madden, markets analyst at Equiti Capital in London.
Source From: Ambito
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