International Business: Tesla’s Musk says he sold ‘enough stock’; slams California for ‘overtaxation’ – Gulf Digital News

International Business: Tesla’s Musk says he sold ‘enough stock’; slams California for ‘overtaxation’ – Gulf Digital News

San Francisco: Tesla chief executive Elon Musk said he had sold “enough stock” to reach his plan to sell 10 per cent of his shares in the world’s most valuable car company, according to an interview.

The billionaire, who moved the company’s headquarters from California to Texas this month after his personal move, also slammed California for “overtaxation” and “overregulation.”

Tesla shares, which had hovered near record highs, lost about a quarter of their value after Musk said on November 6 he would sell 10pc of his stake if Twitter users agreed.

Tesla shares surged nearly 4pc in morning trade yesterday.

On Tuesday, Musk sold another 583,611 shares, bringing the total number of shares he has offloaded to 13.5 million – about 80pc of what he had planned to sell.

“I sold enough stock to get to around 10pc plus the option exercise stuff and I tried to be extremely literal here,” he said in the interview with conservative satirical website Babylon Bee.

When asked whether he sold the stock because of the Twitter poll, he said he needed to exercise stock options that are expiring next year “no matter what.” He added he sold additional “incremental stock” to get near 10pc.

Out of the 13.5m