Tesla Stock Is Falling ! Elon Musk $15 billion tax bill. Kimbal Musk Sells

Elon Musk Should Sell 10% of His Tesla Stock ?

Elon Musk will sell $21bn worth of Tesla shares if Twitter followers agree

Technology mogul will abide by result of poll and pay taxes on proceeds of sale of 10% of his stock in electric car

Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10 per cent of his Tesla stock.

Mr Musk’s shareholding in Tesla comes to about 170.5 million shares as of June 30. Selling 10 per cent would result in proceeds of about $21 billion, based on Friday’s closing price, according to Reuters calculations.

Elon Musk twitter poll

Referring to a “billionaires‘ tax” proposed by Democrats in the US Senate, Mr Musk tweeted that “much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock”.

Tesla shares slide 5% after Elon Musk proposes selling 10% of his stock in a Twitter poll

Tesla shares fell by more than 5% in pre-market trading Monday after CEO Elon Musk asked his Twitter followers if he should sell 10% of his stock in the electric vehicle company.

Shares of Tesla were down 5.5% to $1,155 at 5 a.m. ET Monday, a significant fall on the $1,222.09 price they closed at when markets shut Friday.

The billionaire gave people the option to vote “Yes” or “No” and pledged to abide by the results of the poll, whichever way it went.

Some 3,519,252 people responded, and 57.9% of them voted for “Yes.”

Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.

Do you support this?
— Lorde Edge (@elonmusk) November 6, 2021

Musk previously said he was likely to sell “a huge block” of his shares in the fourth quarter.

In September, Musk said at the Code Conference in Beverly Hills, California, that his marginal tax rate will be over 50% when his stock options expire at Tesla, and that he was already planning to sell soon.

“I have a bunch of options that are expiring early next year, so … a huge block of options will sell in Q4 — because I have to or they’ll expire,” he said.

Elon’s tax bill

No matter the results of the Twitter poll, Musk would have likely started selling millions of shares this quarter. That’s because he’s facing a looming tax bill of more than $15 billion.

His options expire in August 2022 but in order to exercise them, he has to pay the income tax on the gain.

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Elon Musk faces a $15 billion tax bill, which is likely the real reason he’s selling stock

Elon Musk faces a tax bill of more than $15 billion in the coming months on stock options.
The looming tax bill makes a sale of Tesla stock this year likely regardless of the outcome of the Twitter vote.

Tesla Stock Is Falling. Elon Musk’s Latest Tweets Signal He’ll Sell a Major Stake.

Tesla (ticker: TSLA) was down 5.5% in premarket trading in the U.S., with the company’s Frankfurt-listed shares (TL0.Germany) down 6% after opening 9% lower.

The billionaire Tesla CEO is considered the world’s richest person by virtue of his holdings in the EV company, which has seen its share price soar 190% over the last year and some 3,100% over the past five years.

Musk framed the Twitter poll in the context of a debate over whether the richest Americans were paying their fair share of taxes. Congress had considered taxing billionaires’ unrealized investment gains as a way to address the issue, but dropped the idea.

“The only way for me to pay taxes personally is to sell stock,” Musk said on Twitter, noting that he doesn’t receive a cash salary or bonus for his corporate roles, at Tesla as well as at aerospace company SpaceX.

Kimbal Musk Sells 88,500 Shares of Tesla, Inc. (NASDAQ:TSLA) Stock

Tesla, Inc. (NASDAQ:TSLA) Director Kimbal Musk sold 88,500 shares of the stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $1,229.06, for a total transaction of $108,771,810.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

TSLA traded down $7.82 on Friday, reaching $1,222.09. The company had a trading volume of 21,580,144 shares, compared to its average volume of 27,688,311. The business has a 50 day simple moving average of $850.50 and a 200 day simple moving average of $724.19. The company has a market cap of $1.23 trillion, a price-to-earnings ratio of 395.50, a P/E/G ratio of 7.80 and a beta of 2.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.10 and a current ratio of 1.39. Tesla, Inc. has a 52-week low of $396.03 and a 52-week high of $1,243.49.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, October 19th. The electric vehicle producer reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.90. The business had revenue of $13.76 billion for the quarter, compared to the consensus estimate of $13.70 billion. Tesla had a net margin of 7.40% and a return on equity of 13.81%. Tesla’s quarterly revenue was up 56.8% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. As a group, equities research analysts predict that Tesla, Inc. will post 4 EPS for the current fiscal year.

Tesla Company Profile

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through the following segments: Automotive and Energy Generation and Storage.

Tesla, Inc.

Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California, United States.

(/ˈtɛslə/ TESS-lə or /ˈtɛzlə/ TEZ-lə[a])

Tesla designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. In 2020, Tesla had the most sales of battery electric vehicles and plug-in electric vehicles, capturing 16% of the plug-in market (which includes plug-in hybrids) and 23% of the battery-electric (purely electric) market.

Through its subsidiary Tesla Energy, the company develops and is a major installer of photovoltaic systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 gigawatt-hours (GWh) installed in 2020.

Tesla stock

Tesla, Inc. designs, develops, manufactures, sells and lease electric vehicles and energy generation and storage systems, and offer services related to its sustainable energy products.

The Company’s segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of electric vehicles as well as sales of automotive regulatory credits.

The energy generation and storage segment include the design, manufacture, installation, sales and leasing of solar energy systems and energy storage products, services related to its products, and sales of solar energy system incentives. Its automotive products include Model 3, Model Y, Model S and Model X. Model 3 is a four-door sedan. Model Y is a sport utility vehicle (SUV) built on the Model 3 platform. Model S is a four-door sedan. Model X is an SUV.

The Company’s energy storage products include Powerwall, Powerpack and Megapack.