Most of Elon Musk's Tesla stock sales don't appear to be connected with taxes, accountants said, which could mean he will unload far more stock than expected.
on stock options granted in 2012. Yet according to accountants, most of his sales don't appear to be connected with taxes — which could mean he will unload far more stock than expected.
"The shares of common stock were sold solely to satisfy the reporting person's tax withholding obligations related to the exercise of stock options," said a footnote to his Securities and Exchange CommissionOn Nov. 9, however, his sales took a turn. Rather than selling as part of an options exercise,. Accountants said it would be impractical for Musk to use those existing shares to pay the tax on his options, since they carry a much higher tax bill.
Typically, executives sell the exercised shares immediately after they're purchased to pay the taxes, in what's known as a "cashless" exercise. Since the shares are sold immediately, there is no additional capital gains tax owed on the shares sold.
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