Musk Sells More Tesla Shares

Tesla (NASDAQ:TSLA) Chief Executive Elon Musk has sold another 934,091 shares of the electric vehicle maker worth $1.01 billion to meet his tax obligations related to the exercise of options to buy 2.1 million shares, regulatory filings showed on Thursday.

In early November, the world’s richest person tweeted that he would sell 10% of his stock if users of the social media platform approved. A majority of them had agreed with the sale.

Since Nov. 8, Musk has exercised options to buy 10.7 million shares and sold 10.1 million shares for $10.9 billion.

Following a flurry of options exercise, Musk still has an option to buy about 10 million more shares at $6.24 each, which expires in August next year.

Elsewhere with Tesla, earlier this week, the electric car maker confirmed in a Securities and Exchange Commission filing the relocation of its corporate headquarters to Gigafactory Texas at 13101 Harold Green Road, Austin, Texas. The company has already spent more than one billion dollars in the state on the new Austin Gigafactory, which is expected to be completed by the end of this year.

Tesla expects to receive about $65 million in local tax rebates for the factory and create 10K jobs in the area. Elon Musk also has personal tax benefits by residing in Texas and is much closer to SpaceX's (NYSE:SPCE) Boca Chica launch site near the Mexico border. Tesla still plans to expand production at its California plant despite the new Texas HQ.

TSLA shares ditched $12.30, or 1.1%, Friday to $1,072.30