The world’s richest person on Nov. 8 exercised 2.15 million options at a price of $6.24 per contract, according to a regulatory filing Wednesday. He subsequently sold 934,000 shares to collect about $1.1 billion.
The contracts, which came from a stock option award Musk received in 2012, were set to expire in August of next year, meaning he would have had to exercise them before then. Exercises of such contracts trigger income taxes, which usually are covered by immediately disposing of some of the newly acquired shares.
Still, the headline-grabbing event pummeled Tesla stock on Monday and Tuesday, wiping out $50 billion from Musk’s net worth. Tesla rose 4.3% on Wednesday to close at $1,067.95, paring losses this week to less than 13%. After the disclosure, the stock rose more than 2% in post-market trading., when he last exercised stock options and liquidated some of his newly acquired shares to cover about $590 million of income taxes.
So he should have enough left to do the same again for another 250 years.
Last night we slept hungry again and my daughter was crying because of hunger. Please assist us with a 2kg mealie meal and tinned fish 🙏🏻. Just so my little girl can eat😔💔. I've been struggling to get a job and in my struggle, my child is suffering💔
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