Musk Sells Tesla Shares Worth 1.25 Trillion KRW Again

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] Elon Musk, CEO of Tesla, has sold more Tesla shares. This time, the amount is $1.05 billion (approximately 1.25 trillion KRW).

According to Bloomberg on the 23rd (local time), Musk reportedly sold 934,091 Tesla shares he owns on that day. The total amounts to $1.05 billion.

This follows Musk's earlier tweet asking whether he should sell 10% of his Tesla shares, leading to a series of Tesla stock sales.

Along with the stock sale on that day, he also exercised stock options for 2.15 million shares. So far, Musk has sold a total of 9.2 million Tesla shares and secured $9.9 billion (approximately 11.78 trillion KRW) in cash.

As previously hinted on Twitter, Musk needs to sell 17 million of his Tesla shares. He has sold about half of the shares he declared he would sell.

Meanwhile, reports have emerged that as Musk tweeted and began selling shares causing Tesla's stock price to drop, the taxes he must pay due to exercising stock options have significantly decreased.

On the same day, The Wall Street Journal (WSJ) explained that Musk exercised stock options for 6.4 million shares from the 8th to the 19th of this month, estimating that the stock price decline reduced Musk's tax burden by $380 million (approximately 451.8 billion KRW).

Taxes on stock options are levied on the difference between the stock option exercise price and the actual stock price at the time of exercise. In other words, if the stock price falls, the tax due from exercising stock options also decreases.

This content was produced with the assistance of AI translation services.