Palo Alto’s Tesla Chief Musk says ‘almost done’ with stock sales; shares soar 7.5%

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Palo Alto’s Tesla Chief Musk says ‘almost done’ with stock sales; shares soar 7.5%

On Wednesday, Elon Musk, the co-founder and Chief of e-vehicle industry trailblazer Tesla Inc., said that he had been ”almost done” with his slated 10 per cent stake sale in the Californian EV industry behemoth.

So far, Tesla boss Elon Musk had sold off about a $14 billion worth of Tesla Inc shares in less than a month citing a proposed billionaires’ taxation legislation in US Congress, however, despite latest stake sales, Tesla’s Musk would still require to pay off a whopping $11 billion in federal taxes this year.

Nevertheless, latest remark from Elon Musk, the world’s richest person to-date, came forth weeks after he had asked in a Twitter voting poll on whether he should divest his 10 per cent stakes in Tesla Inc, which eventually had led to an investors’ lawsuit last week that had asked for a probe into Tesla Inc alongside Musk on whether the tweet had violated US SEC (Securities and Exchange Commission) legislations.

Tesla’s Musk ‘almost done’ with 10% stake sales

However, in an interview with a conservative satirical website Babylon Bee, Musk was quoted saying on Tuesday “I sold enough stock to get to around 10% plus the option exercise stuff and I tried to be extremely literal here”.

Though, Musk’s Wednesday remarks had underlined that he might not be done yet with his planned stock sales, as Musk said in a tweet late in the day, “This assumes completion of the 10b sale. There are still a few tranches left, but almost done”.

Followed by Musk’s tweet, shares’ prices of Tesla Inc took a torrential high-tide of 7.49 per cent in late-afternoon trading, closing out the day’s Wall Street at $1,008.87 a share. Tesla Inc had lost more than a quarter of its market cap since Musk’s slated stake sales.