Tesla stock achieved an all-time high of $1,229.91 per share last week. Since last month, when the company posted a record profit for the third quarter, the company’s shares had surged more than 40%. However, in President Joe Biden’s budget, which is still being negotiated, the term on unrealized gains, popularly known as a “billionaires tax,” was omitted. The volatile billionaire, whose net worth is estimated to be around $300 billion, said he was considering selling the stock since some Democrats have been pushing for billionaires to pay taxes on stock gains even if they don’t sell any. Musk’s fortune is largely made up of Tesla stock, which does not pay him a salary in cash. The contracts were awarded to Musk in 2012 and were slated to expire in August of the following year. According to Bloomberg, the shares were sold “solely to meet the reporting person’s tax withholding obligations linked to the exercise of stock options” as stated in regulatory filings.
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