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Tesla’s Musk says he sold ‘enough stock’; slams California for ‘overtaxation’ -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Tesla Chief Executive Officer Elon Musk speaking at Fremont’s plant in California on June 22, 2012 as Tesla started delivering the Model S electric sedan. REUTERS/Noah Berger/File Photo

By Hyunjoo Jin

San Francisco (Reuters), – Tesla (NASDAQ), CEO Elon Musk claimed that he’d sold enough shares to fulfill his plans to sell 10% more of Tesla’s stake in the company. The interview was released Tuesday.

After his move to Texas last year, the billionaire moved the headquarters of his company from California. He also criticised California’s “overtaxation.”

Tesla shares lost 25% after Musk announced that he would buy 10% of Tesla’s stake in the event of agreement from Twitter users (NYSE:).

Musk has sold 583,611 more shares on Tuesday. This brings his total of offloaded shares to 13.5 Million – roughly 80% of the shares he originally planned to sell.

In an interview with the satirical website Babylon Bee, he stated that “I sold enough stocks to get to about 10% plus the option to exercise stuff”

He said that he had to exercise his stock options which expire next year, and he would sell the stock if asked. To get to 10%, he also said that he had sold additional “incremental” stock.

8.06 millions of the 13.5 Million shares that were purchased to cover taxes related to his exercise of options,

Musk stated on Twitter on Sunday that he would be paying more than $11 trillion in taxes for the year.

California was once the land of opportunities, and it has become more difficult to achieve things in California, he stated.

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