Saudi Press

Saudi Arabia and the world
Sunday, Mar 29, 2026

Elon Musk Says He's 'Sold Enough Stock' to Reach 10% Sale Goal, Slams California For 'Overtaxation'

Elon Musk Says He's 'Sold Enough Stock' to Reach 10% Sale Goal, Slams California For 'Overtaxation'

Tesla and SpaceX CEO Elon Musk has been criticised recently over his taxes, as some Democrats demand that his impressive wealth be taxed more. The billionaire has been disputing such demands, claiming on Sunday that he will be paying "over $11 billion" in taxes in 2021.

Elon Musk has said he's sold "enough stocks" to cover his goal of selling 10% of his shares in Tesla Inc., according to an interview with the satirical outlet The Babylon Bee.

"I sold enough stock to get to around 10% plus the option-exercise stuff, and I tried to be extremely literal here", he told the outlet.


His decision to sell the stocks dates back to November when the billionaire took to Twitter to create polls to ask netizens whether he should sell.

Musk exercised 2 million more options and sold nearly 584,000 more Tesla shares Tuesday, having sold some 13.5 million shares over the past month, according to a Securities and Exchange Commission filing. As estimated by Market Watch, it is slightly shy of the 17 million shares that constituted his 10% stake as of early November when he asked Twitter's advice on the 10% sale.

After the said polls, Tesla shares lost about a quarter of their value. Having sold the stock, Musk used 8.06 million of the 13.5 million to pay taxes.

Speaking about taxes, Musk lashed out at the state of California for its taxation requirements, saying that it is now "increasingly difficult to get things done" in the Golden State.

"California used to be the land of opportunity and now it is...becoming more so the land of sort of overregulation, overlitigation, overtaxation", Musk told The Babylon Bee.


On Sunday, the businessman shared with Twitter the sum of the taxes he claimed he will be paying in 2021: "over $11 billion". The statement comes as Musk became the target of criticism by politicians and activists demanding he pay his "fair share" of taxes. The billionaire, however, has actively disputed such demands, even engaging in verbal clashes with top Democrats like Elizabeth Warren.

After the latter called to change the country's "rigged tax code" so that "the Person of the Year" (Musk earlier received the title from Time magazine) pays more taxes, Musk branded her "Senator Karen".

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Modi and Saudi Crown Prince Emphasise Secure Shipping Routes in Talks on West Asia Conflict
Dallas-Based Company Secures One Billion Dollar Hotel Development Deal in Saudi Arabia
Zelensky Secures Defence Cooperation Deals with Gulf States During Strategic Regional Tour
Trump Calls on Saudi Arabia to Join Abraham Accords in Push for Expanded Middle East Cooperation
Trump Balances Humor and Praise in Remarks on Saudi Crown Prince
Saudi Arabia’s Strategic Pipeline Reaches Seven Million Barrel Capacity to Bypass Hormuz
Rubio Signals U.S. Could Conclude Iran Conflict Within Weeks as Air Campaign Intensifies
More Than a Dozen U.S. Soldiers Injured in Saudi Base Attack as Iran-Backed Houthis Expand Conflict
Iranian Strike on US Base in Saudi Arabia Injures Troops and Damages Aircraft
Pakistan to Convene Regional Talks with Saudi Arabia, Turkey and Egypt Amid Iran War Diplomacy
Ukraine and Saudi Arabia Reach ‘Mutually Beneficial’ Defence Agreement
Ukraine to Share Battlefield Expertise with Saudi Arabia Under New Defence Agreement
Trump Takes Center Stage at Saudi Arabia’s FII Miami Amid Escalating Iran Conflict
Gulf States Explore Pipeline Routes to Bypass Strait of Hormuz Amid Rising Tensions
Iran Conflict Drives Saudi Arabia to Deepen Security Ties with Ukraine
Saudi Arabia Reviews Desert Ski Resort Plans with Cancellation of Key Building Contracts
Saudi Arabia Targets Business Hotel Shortfall with $1 Billion Development Push
Iran and Allied Forces Intensify Strikes on Energy Sites and Urban Areas Across Region
Ukraine and Saudi Arabia Formalise Defence Cooperation Agreement, Zelenskiy Announces
Saudi Arabia Reportedly Presses US to Intensify Operations Against Iran
Saudi Arabia Expands Maritime Network with Launch of Six New Shipping Services
Saudi Arabia Launches FII Summit Amid Heightened Focus on Global Stability and Investment Risks
Saudi Arabia’s HUMAIN Secures First US Customer in Expansion of AI Capabilities
Saudi Arabia Calls on US to Seize Strategic Opportunity to Reshape the Middle East
Saudi Arabia’s Strategic Investments Help Shape Silicon Valley’s Rise
Saudi Arabia Announces Passing of King Abdullah, Marking End of an Era
Saudi Arabia May Shift From Neutrality to Retaliation if Houthi Attacks Escalate, Experts Warn
UAE and Saudi Arabia Urge Decisive US Action on Iran as Regional Pressure Intensifies
Zelensky Visits Saudi Arabia After Offering Ukraine’s Drone Expertise
Saudi Arabia Pauses Ambitious Desert Ski Project Amid Strategic Reassessment
Trump Set for Palm Beach Return Following Saudi-Backed Summit in Miami
Saudi Arabia Accelerates Yanbu Oil Exports Toward Five Million Barrel Target
Report Highlights Saudi-US Security Discussions as Trump Administration Evaluates Iran Strategy
Saudi Arabia’s Humain Commits Three Billion Dollars to Elon Musk’s xAI in Strategic Technology Push
Saudi Arabia Signals Firm Shift in Iran Policy, Declares Coexistence No Longer Viable
Saudi Clubs Prepare Major Push to Sign Mohamed Salah Amid Growing Transfer Speculation
Saudi Arabia Rejects Claims It Seeks to Prolong Regional Conflict
Saudi Arabia Condemns Iranian Actions and Signals Firm Shift Toward Stronger Response
Saudi Arabia Reassesses Strategic Approach as Regional Tensions with Iran Intensify
Pakistan Reaffirms Strong Support for Saudi Arabia Following High-Level Visit
Saudi Arabia Expands Regional Trade Links by Opening New Land and Sea Routes to UAE
World Economic Forum Delays Saudi Conference as Regional Conflict Disrupts Global Agenda
Saudi Arabia and UAE Signal Potential Entry into Iran Conflict if Critical Infrastructure Is Targeted
Global Firms Accelerate Expansion into Saudi Arabia as Economic Reforms Gain Momentum
Global Labour Pressure Mounts as ILO Faces Calls to Reject Saudi Bid to Dismiss Migrant Worker Complaint
Gulf Powers Move Closer to Entering Iran Conflict as Regional Pressure Intensifies
Saudi Arabia Breaks Ranks with Regional Allies Over Response to Iran Escalation
Saudi Arabia Moves Closer to Direct Role as Iran Conflict Intensifies
World Economic Forum Postpones Jeddah Meeting Amid Escalating Regional Tensions
Saudi Crown Prince Reportedly Urges Trump to Sustain Military Pressure on Iran
×