Elon Musk appears to have wrapped up a busy year of trading his Tesla shares Tuesday. He'll end up with one of the largest tax bills in history to show for it.
"Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too," Time editor-in-chief Edward Felsenthal wrote.
In early November, Musk also sold an additional 5.4 million shares that he had held in trust. The total 15.7 million shares he sold this year put some downward pressure on the price of Tesla stocks, as the average sale price he received on Tuesday of $1,091.73 is down 11% from the record high close before the start of his trades. But Tesla shares have rallied in the last week and are up 54% so far this year through Tuesday's close.Those 5.
But that's quite a change from his previous tax bills. Since he receives no cash salary or bonus from Tesla, it is likely he had little or no taxable income in most recent years. An investigation by ProPublica found that Musk and some of his fellow billionaires, including Amazon founder Jeff Bezos and former New york City mayor Michael Bloomberg, paid zero income taxes in 2018.
Despite all the sales in 2021, Musk now owns more shares outright than he did at the start of his trading spree, with 177.7 million shares held in trust or owned outright, up 4% from 170.5 million he held in trust at the start.
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