Elon Musk Sells USD5 Billion of Tesla Shares

Elon Musk

Business Magnate, Elon Musk, sold approximately USD5 billion of his Tesla shares in the electric car company. This equates to approximately three percent of Musk’s total holdings in Tesla shares.

This came a few days after he posted a poll on Twitter asking whether his followers think he should sell ten percent of his shares in Tesla, which approximately 58 percent voted in favor of.

Musk made a public statement on Twitter, after tweeting the poll, writing “I will abide by the results of this poll, whichever way it goes.”

Two days after the poll, Tesla’s shares dropped by approximately 16 percent, regaining some ground a day after.

Tesla is the world’s most valuable carmaker, valued at more than USD1 trillion. Musk sold approximately 3.6 million shares worth around USD4 billion.

According to the US stock market regulator, Musk also sold another 934,000 shares worth approximately USD1.1 billion after “exercising options to acquire nearly 2.2 million shares.”

Based on official documents, plans to sell approximately 20 percent of the shares were made in September. However, the rest of the shares sold was not part of the original trading plan.

Source: BBC

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