After promise, Elon Musk sells USD 1.1B in Tesla shares to pay taxes
Detroit(AP): After making a promise on Twitter, Tesla CEO Elon Musk has sold about 9,00,000 shares of the electric car maker's stock, netting over USD 1.1 billion that will go toward paying tax obligations for stock options.
The sales, disclosed in two regulatory filings late Wednesday, will cover tax obligations for stock options granted to Musk in September. He exercised options to buy just over 2.1 million shares for USD 6.24 each. The company's stock closed Wednesday at USD 1,067.95 per share.
The transactions were "automatically effected" as part of a trading plan adopted on September 14 to sell options that expire next year, according to forms filed with the US Securities and Exchange Commission. That was nearly two months before he floated the idea of the sale on Twitter.
After the transactions, Musk still owns about 170 million Tesla shares.
Musk was Tesla's largest shareholder as of June, owning about 17 per cent of the company, according to data provider FactSet. He's the wealthiest person in the world, according to Forbes, with a net worth of around USD 282 billion, most of it in Tesla stock.
Ives calculated that Musk has about USD 10 billion in taxes coming due on stock options that vest next summer.
The sometimes abrasive and unpredictable Musk said he proposed selling the stock as some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don't sell any shares. However, the wording on unrealised gains, also called a "billionaires tax," was removed from President Joe Biden's budget, which is still being negotiated.
"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," he tweeted Saturday afternoon. "Do you support this?"
Musk said he would abide by the results of the poll, which ended with 58 per cent of more than 3.5 million votes calling for him to sell the stock.
Tesla does not pay Musk a cash salary. "I only have stock, thus the only way for me to pay taxes personally is to sell stock," Musk tweeted.
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SC asks states to treat rising child trafficking cases as grave; seeks coordinated action
New Delhi (PTI): The Supreme Court has voiced grave concern over rising cases of child trafficking, saying gangs are operating across the country and if States and Union territories do not take immediate action, thing will go beyond control.
The court said only the state government and its home department can act vigilantly in this regard.
“As a court we can monitor, but ultimately the action has to be on the part of the state government, the police, and other agencies. Therefore, this is our humble request”, a bench comprising Justices JB Pardiwala and K V Viswanathan said during the hearing of a plea on Wednesday.
The bench was irked over the "lackadaisical" approach of several states and UTs in implementing a 2025 judgment aimed at dismantling organised trafficking networks.
Justice Viswanathan said the retrieval of children in some cases proves the problem can be tackled, but it requires a level of political and administrative will which is lacking at present.
The verdict, delivered on April 15, 2025, had mandated several institutional reforms, including completion of trials in trafficking cases within six months on a day-to-day basis.
It had also directed strengthening of Anti-Human Trafficking Units (AHTUs) and improving investigation standards.
Besides asking for setting up of state-level committees to monitor vulnerable trafficking hotspots, it had asked the authorities to treat missing children cases as trafficking unless proven otherwise.
Earlier, the bench had termed the compliance reports filed by a few states as "nothing but an eye wash."
On Wednesday, the bench noted that Madhya Pradesh, Goa, Haryana, Lakshadweep, Mizoram, Odisha, and Punjab had still failed to file reports in the prescribed format.
When the home secretary of Madhya Pradesh offered an apology for the lapse, the bench granted a "final opportunity" but warned that continued failure would lead to states being officially branded as "defaulting".
The bench noted that at least 15 states are yet to constitute review committees mandated to identify and monitor trafficking-prone areas.
The matter will now be heard on April 29.
