Business

Elon Musk sells additional $687M worth Tesla stocks

Move comes after CEO unloading $5B Tesla shares in 2 days following Twitter poll

US business magnate Elon Musk has sold an additional $687 million worth of Tesla shares, according to financial filings of the US’ Securities and Exchange Commission (SEC) on Friday.

The Tesla CEO sold almost 640,000 shares of the electric carmaker company on Thursday, the filings showed.

The latest sales come after Musk unloaded $5 billion worth of his Tesla shares in just two days, after a Twitter poll on Saturday where he asked people if he should go ahead with the move.

He previously sold over 4.4 million of his shares on Tuesday and Wednesday that were worth around $5 billion, according to the SEC filings.

“Much is made lately of unrealized gains being a means of tax avoidance,” Musk asked his followers last weekend in a Twitter poll about selling 10% of his company shares.

“I will abide by the results of this poll, whichever way it goes.. Do you support this?” he added, generating a response from over 3.5 million users in the poll, which resulted in 57.9% in favor and 42.1% against his proposal.

Tesla stock price fell 4.8% on Monday and plummeted an additional 12% on Tuesday, before bouncing back 4.3% on Wednesday on the S&P 500.

Price fell 0.42% on Thursday, but plummeted 3.4% on Friday as of 2.43 p.m. EDT after the latest SEC filings were made public.

Musk’s sale comes as the CEO faces a tax bill of more than $15 billion. In addition, most of Tesla executives have been selling some of their shares to take profit with company’s stock price skyrocketing.

Tesla stock price more than doubled in the past 12 months, soaring 146%, from $417 on Nov. 11 last year to $1,026 per share on Friday.

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