Most recently, Tesla CEO Elon Musk has expanded its stake in the electric car maker and acquired $ 25 million in shares. What he intends to do with his Tesla shares, the billionaire now gives a first concrete hint.
Elon Musk can not complain about too little work : In addition to his work as CEO of Tesla , he also leads the fortunes of a second multi-billion dollar company: SpaceX. This dual role has recently led to discussions at the shareholders’ meeting, as Musk has two more irons in the fire with the tunnel boring company The Boring Company and the neurotechnology company Neuralink, which are calling for his attention.
But the focus of Musk is currently on the listed Tesla Group, because the electric car maker is struggling with massive production problems in the Model 3, the vehicle with which Tesla wants to conquer the mass market. As long as the production target is not reached and the market is sufficiently stocked with the mid-range vehicle, Tesla burns money – several million dollars a day.
The company’s difficult financial position is one of the reasons why Group CEO Elon Musk was forced to buy a Tesla share package last week – for the second time in just a few weeks. But now there are first indications of Musk himself that he will not hold his Tesla shares until all eternity.
$ 600 million to charity
Already two years ago, the Tesla boss sold a huge Tesla share package: 2,782,670 Tesla shares went to charity in 2016 as a donation – at that time, the package had a value of around $ 600 million. Following its rebalancing last week, Musk Stand now owns 33.7 million Tesla shares and is by far the largest shareholder with a 19 percent stake – far and away.
With a current stock market value of $ 60.82 billion, Musk owns Tesla shares worth $ 11.5 billion. And, according to him, this value will continue to rise in the coming years, as the CEO works for Tesla almost free of charge and has instead been granted options if he manages to massively increase the market value of Tesla in the coming years. If the plan goes up, not only will the value of Musk’s current stock package increase, he would also get additional Tesla shares.
Investing in SpaceX
Part of the money will be used by the billionaire as part of his foundation again charitable purposes, as he announced on Twitter. In addition, he wants to use the billions to make life “multiplanetar”, the entrepreneur continues. What he means by that is no secret, because his second billion-dollar company SpaceX has set itself the goal of colonizing Mars and thereby saving mankind from the same fate that befell the dinosaurs 65 million years ago.
Musk wants nothing less than to save mankind from extinction by colonizing Mars. But this plan is expensive – possible billions from the sale of Tesla shares would be just right.
SpaceX once saved Tesla
It would not be the first time that Elon Musk has mixed the finances of his multibillion dollar companies. In 2008, his electric car maker was on the verge of bankruptcy – only a $ 1.6 billion loan granted by Nasa SpaceX and given to Musk by Tesla saved the company from collapse about ten years ago. It may be in 20 years the Tesla Group, with the stock sale Elon Musk can guarantee the continued operation and fulfillment of SpaceX.