Elon Musk plans to sell Tesla stock to fund Mars ambitionsby Justin King
The executive expects a "major disbursement" in 20 years when Tesla is in a "steady state."
Responding to reports that Elon Musk recently made a significant purchase of more Tesla shares, the executive has announced that his stock compensation from the automaker will eventually be used to help fund SpaceX's plan to colonize Mars.
Musk says he has already cashed out $100 million worth of TSLA for charity, though the donations have been anonymous. He plans to sell more every few years, helping to pay taxes and other expenses.
"Major disbursements in about 20 years when Tesla is steady state," he wrote on Twitter.
Already sold >$100M TSLA for charity. Will do about that every few years. Major disbursements in about 20 years when Tesla is steady state.— Elon Musk (@elonmusk) June 15, 2018
The CEO owns around 19 percent of Tesla, representing the largest share of any single investor.
Tesla's shareholders recently approved a new long-term compensation plan that provides increasing incentives as the company reaches certain milestones, including adding around $600 billion in market cap. If the company reaches all of the goals, Musk's stake could rise to around 30 percent.
My "pay" is in options, which only matter if stock goes up & I sell. Will use that to make life multiplanetary, help education & environment on Earth w my foundation. Just don't want us to be sad about the future. https://t.co/l3YEvjvyuz— Elon Musk (@elonmusk) June 15, 2018