Tesla chief Elon Musk says that in about 20 years, he plans to sell a ‘major’ stake in Tesla to finance the Mars colonization plans by SpaceX. The CEO of two billion-dollar companies – Tesla and SpaceX – took to Twitter to announce this.
Earlier, Musk wanted to leave Tesla’s head role to focus on SpaceX.
Even though it was said to come to pass when Model 3 achieves volume production, the billionaire seemed to have ramped up his involvement in the electric car maker. But his aim looks to be the same – to benefit SpaceX.
According to the new CEO compensation plan at Tesla (TSLA), Musk looks to receive a multi-billion dollar payout. While it would significantly spike his already substantial stake in the automaker, Elon plans to drive it all back to his love for space.
The CEO on Friday tweeted his long-term plan – just like his 2016 sale of about 2.8 million Tesla shares to pay taxes and donate to charity – he would sell a huge chunk in about twenty years and use it to aid space exploration efforts in SpaceX.
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
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
While selling shares is almost always a red signal in the Street, the eccentric billionaire’s explanation for a stock sale twenty years into the future seem to have mitigated that. One more feather in the cap of norm-defying Musk.
Related: How Elon Musk tweaked the system with Tesla
In the said timeline of two decades, it is hoped that Tesla would achieve a sort-of stable and good position in the market for Musk’s stake sale to have much effect. Meanwhile, the prospects of space travel into the future looks more and more achievable. It looks like Musk has it all sorted out. Or is he just bluffing?
Related: Elon Musk admits to Tesla Model 3 braking issue, confirms firmware fix
Related: Elon Musk increases his stake in Tesla; buys 72,500 shares
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