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Maurizio Pesce
Tesla's market value first surpassed $1 trillion on 25 October, with shares trading at $1,025 a share at the time.
In early November, Tesla shares began a sharp decline and then lost up to a quarter of their value following founder Elon Musk's decision to sell 10% of his shares to pay taxes. On November 6, the billionaire asked Twitter users if he should sell 10% of his shares in the company, and a majority of the 3.5 million participants in the poll supported the idea.
At the time, according to Reuters, the businessman owned about 170.5 million shares of Tesla, the total value of which exceeded $200 billion. A 10% stake sale would bring the billionaire about $21 billion, the agency estimated.
The need to pay high taxes is one of the main reasons why Musk started selling off the securities he owns, CNBC noted. Instead of salaries and bonuses, he is receiving options on Tesla shares. The options, which Musk received in 2012, expire in August 2022, and to exercise them, he must pay income tax.
The businessman later clarified that he will have to pay more than $11bn in taxes in 2021. CNBC estimates that this will probably be the highest tax payment in US history. The day before, on 22 December, Musk said that he had already sold enough Tesla shares to fulfill his promise to get rid of 10% of his stake.
source: cnbc.com, reuters.com
In early November, Tesla shares began a sharp decline and then lost up to a quarter of their value following founder Elon Musk's decision to sell 10% of his shares to pay taxes. On November 6, the billionaire asked Twitter users if he should sell 10% of his shares in the company, and a majority of the 3.5 million participants in the poll supported the idea.
At the time, according to Reuters, the businessman owned about 170.5 million shares of Tesla, the total value of which exceeded $200 billion. A 10% stake sale would bring the billionaire about $21 billion, the agency estimated.
The need to pay high taxes is one of the main reasons why Musk started selling off the securities he owns, CNBC noted. Instead of salaries and bonuses, he is receiving options on Tesla shares. The options, which Musk received in 2012, expire in August 2022, and to exercise them, he must pay income tax.
The businessman later clarified that he will have to pay more than $11bn in taxes in 2021. CNBC estimates that this will probably be the highest tax payment in US history. The day before, on 22 December, Musk said that he had already sold enough Tesla shares to fulfill his promise to get rid of 10% of his stake.
source: cnbc.com, reuters.com
