Tesla CEO Elon Musk sold another 934,090 shares, or about $1.02 billion worth of his holdings in the electric car and solar business.
in Tesla. They voted yes. But a major portion of the sales that followed the entertaining Twitter poll were part of a plan that Musk adopted in September this year.corporate insiders can trade their own equity as part of pre-announced portfolio management plan. They must declare in advance when and how they plan to trade to protect themselves from later accusations of insider trading.
This year, Tesla shares have risen more than 54% making Musk the world's wealthiest person. His net worth is now over $275 billion, according to estimates by Forbes. That wealth is derived from Musk's ownership stakes in Tesla and SpaceX. He currently doesn't take a salary or cash bonuses, and had not sold a large number of shares in Tesla until this year. He had, instead, taken out sizable loans against a portion of his Tesla shares.
Since taxpayers only pay taxes on income or stock once it is sold, Musk never paid a large amount in taxes annually relative to his net worth,
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