Musk Exercises Additional Tesla Stock Options... Sells Additional $1 Billion Worth

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Elon Musk, CEO of Tesla, has once again sold Tesla shares worth $1.01 billion (approximately 1.19 trillion KRW). It is reported that the proceeds from the stock sale will be used to pay taxes.

According to Bloomberg on the 3rd (local time), Musk announced through a disclosure that he exercised stock options for 2.1 million shares on that day, and the shares obtained were sold to pay taxes. The Tesla shares Musk sold amounted to 934,091 shares, with sales proceeds reported to be $1.01 billion.

Since Musk posted a tweet on the 6th of last month asking for opinions on selling 10% of his holdings, he has sold 10.1 million Tesla shares, raising approximately $10.9 billion. During this period, Musk exercised stock options for 10.7 million shares and still holds stock options for 10 million shares exercisable at $6.24 per share until August next year.

In a tweet posted on the 6th of last month, Musk said, "There have been many claims recently that unrealized gains are being used as a means to avoid taxes. So I propose selling 10% of my Tesla shares," and conducted a poll among his 60 million Twitter followers. He also stated that he does not receive any salary or bonuses anywhere and that his wealth is tied up in shares, adding, "The only way to pay taxes is to sell shares," revealing that the purpose of the sale is to pay taxes.

According to the Bloomberg Billionaires Index, Musk's current net worth is $284.1 billion, making him the richest person in the world. This year, Tesla shares surged 54%, increasing his net worth by $128.1 billion.