Elon Musk sells nearly $5B of Tesla stock in part to satisfy tax obligations related to an exercise of stock options.
Citadel CEO Ken Griffin, speaking at the DealBook Online Summit on Wednesday, said he personally did not want to see Musk sell. “Individuals like Elon Musk, like Jeff Bezos have transformed life, and we want to keep them in control of their companies, as long as they’ve got the energy and the ambition to keep moving the business forward.”
Previously, Musk signaled that he was likely to sell “a huge block” of his options in the fourth quarter. At an appearance at thein September, Musk said when his stock options expire at Tesla, his marginal tax rate would be over 50%. Current and former board members including chairwoman Robyn Denholm, Elon Musk’s brother Kimbal Musk, Ira Ehrenpreis and Antonio Gracias have offloaded hundreds of millions of dollars worth of Tesla shares since Oct. 28 after Tesla’s market cap surpassed $1 trillion.
Among those insider sales, Kimbal Musk’s was the only transaction that was not listed as a 10b5, or planned sale.
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