Musk sells more shares than he needs to pay current tax bill

KIFI

Published November 17, 2021 12:56 PM

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Elon Musk is selling more Tesla shares than he needs to pay current tax obligations. Experts say he’s either converting part of his fortune from stock to cash, or he’s saving for bigger tax bills due next year. As of early Wednesday, Musk had sold roughly 8.2 million shares in the electric car maker, worth a total of just over $8.8 billion. Of those, Musk sold 2.8 million shares worth about $3 billion specifically to pay taxes on three stock options that he exercised this week. That means he has sold roughly $5 billion more in shares than he needs at present. But under a 2012 compensation, Musk has options to buy 26.4 million shares. The $10 billion to $15 billion tax bill on those comes due next year.

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