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Tesla’s CEO, Elon Musk, has sold $5 billion worth of Tesla shares. The sale comes a few days after Musk took to Twitter and posted a poll asking his 62.8 million followers to sell 10% of his stake in Tesla.
The majority of the responses on the poll agreed that Musk should indeed sell his Tesla shares, and it seems like that is exactly what the CEO has done. Musk had also stated that he would abide by the results of the poll.
Musk sells 3.6M Tesla shares
Musk used an unusual method to announce the sale of his Tesla stock. He urged his followers to help him decide if he should sell his Tesla shares, and 58% of the responses agreed to this sale.
In the poll, Musk noted that he does not receive any salary or bonus from Tesla, and the only that he could pay an impending $15 billion tax bill was through selling some of his Tesla shares.
A filing with the SEC now shows that Elon Musk has sold 3.6 million Tesla shares valued at $4 billion. The sale happened between November 8 and 9th. Another filing also shows that Musk sold an additional 934,000 shares valued at $1.1 billion. The sale was made after Musk exercised options to acquire around 2.2 million shares.
This is the first time that Musk is selling his shares in Tesla since 2016. It is also the third time that Musk has sold his shares since the electric manufacturing company was publicly listed in 2010. Currently, Musk owns around 170 million Tesla shares.
Tesla shares suffer major dips
Over the past few months, Tesla shares have made major gains and recently hit a high of around $1240. These gains made Musk the richest man in the world. However, after announcing that he would sell his shares, the price started to plummet.
The price of TSLA opened trading on Monday at $1170 and dropped to $1060 after the Twitter poll. At the time of writing, TSLA is trading at $1063 after an around 2% dip. This is a significant dip in price in just a few days of uncertainty regarding Musk selling his stake.
Your capital is at risk.
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