Musk, the billionaire founder and chief executive officer of the electric carmaker Tesla, is expected to sell all his stock holdings in the company that makes its electric cars, the Wall Street Journal reported Thursday.
Musk, who had been in talks with his attorneys about selling his stakes in the three companies, would take his money and leave them in an entity that does not disclose its ownership.
Musk said in a statement Thursday that the announcement is the result of a long process of reflection, and is “the culmination of a much-needed process that has resulted in a very positive outcome for all involved.”
Musk also will sell his remaining ownership in the companies.
Musk has been in discussions with his lawyers about selling all his shares in the firms that make its electric vehicles, the WSJ reported Thursday, citing people familiar with the matter.
Musk is expected by his lawyers to continue with the talks, which include his interest in the purchase of a stake in a company called SolarCity, the New York Times reported.
He and his attorneys have been discussing the future of Tesla and SolarCity.
The Wall Street and New York Post reported that Musk had discussed the sale with his legal team and had expressed interest in buying a stake.
The two companies are still struggling to meet demand for their electric cars.
SolarCity had about 1,000 employees at the time of Musk’s death in February, and Tesla was just starting to ramp up production.
In the aftermath of Musk and his wife’s death, the two companies were both forced to scale back production at a time when demand for electric vehicles had not recovered.
Musk’s financial adviser, John Doerr, has said Musk had $100 billion in debt.
Musk left Tesla in February 2018 and is now worth more than $30 billion, according to Forbes.
Musk did not immediately respond to a request for comment Thursday from CBC News.
Musk announced last year that he planned to sell some of his stake in the new company he founded, SolarCity Energy.
Musk also is considering a deal to buy back some of the shares he holds in Tesla stock.