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Elon Musk plans to sell Tesla stock to fund Mars ambitions

by Justin King
Elon Musk plans to sell Tesla stock to fund Mars ambitions

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.

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.